The industry super fund legalsuper has appointed Richard Sanajko as its internal investment manager.
The creation of the position is reflective of a general move by superannuation funds to bring more of their investment decision-making in house.
Sanajko will be aided in his role by Dr Neville Hathaway, who sits on legalsuper's investment committee.
Legalsuper chief executive Andrew Proebstl said the appointment would help the fund provide its core function of creating wealth for its members.
"The appointment of an investment manager will optimise our investment performance, particularly while investment markets remain volatile and competition between superannuation funds increases," Proebstl said.
Sanajko has over eight years of financial services experience in Melbourne, London and Zurich as an investment manager, economist and consultant.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.