John McMurtrie has announced he will be retiring as managing director of major superannuation funds administrator, Link Group, exiting the business next year.
His replacement is QBE executive, Vivek Bhatia.
McMurtrie is regarded as a significant loss to the company, having led it for over more than two decades building it into one of the largest superannuation funds administrators in Australia on top of its origins as a registry business.
McMurtrie said he would be working with Bhatia for a seamless transition before leaving next year.
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.