Mine Super CEO steps down to lead cloud platform
Mine Superannuation Fund has announced its group chief executive, Harry Mitchell, will step down from his role to lead Recreo Financial, which is looking to merge with Certane Group.
Mine Super was a major shareholder of the cloud-based platform and its chair, Grahame Kelly, said Mitchell would lead Recreo in its next stage of growth to deliver better outcomes for Mine Super members.
“Harry has been a transformational leader during his time here at Mine Super and the Board is pleased with his accomplishments as group CEO,” Kelly said.
The fund’s group deputy chief executive, Vasyl Nair, had been appointed as acting group chief executive until 30 June, 2022, while a process to replace the CEO role would be conducted by the board.
At the same time, corporate and superannuation trustee, Certane Group and Recreo announced they were to merge and had signed a binding term sheet.
In an announcement, the firms said they expected to complete the transaction before the end of May, subject to customary conditions.
Certane chair, Lindsay Tanner, said the merger would align with Certane’s strategy of investing in technology-enabled financial services that delivered greater transparency and customer outcomes.
“We believe the combination of our respective next generation technology solutions has the potential to transform the provision of services to the financial services industry,” Tanner said.
“Existing platforms are using outdated technology that presents various challenges, including meeting increasingly complex regulatory requirements. The industry is sagging under the weight of incumbent infrastructure and needs to better harness technology to deliver improved member outcomes.”
Kelly said the merger would create more investment in the functionality of the platform to deliver better user experience and lower the costs which would attract other super funds looking for modern technology solutions.
Recreo was a cloud-based scalable platform that could serve all super and funds management segments. Certane currently provided trustee services to 26 super funds.
Recommended for you
Former ASIC and APRA leaders launch a conflict-free model to meet rising prudential expectations.
ASFA has launched a central online hub to help super funds, employers and service providers prepare for Payday Super reforms.
The Super Members Council is calling on the government and regulators to impose additional safeguards to prevent superannuation switching harm and has put forward multiple suggestions for improvements.
The Assistant Treasurer has reaffirmed the government’s commitment to strengthening retirement outcomes, consumer protections and cyber resilience in superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
