Sunsuper has appointed Ian Patrick as its new chief investment officer.
Patrick has stepped down from his role as chief executive of JANA Investment Advisers to take up the role – a position he has held since 2008.
Jim Lamborn, the former head of JANA’s $36 billion implemented consulting service, will replace Patrick as the new chief executive of JANA.
Former chief investment officer David Hartley, who stepped down from his role yesterday, received a total remuneration of $654,741 including a bonus of $173,540 for the financial year ending June 2015.
The appointment of Patrick continues the trend for Sunsuper to appoint head of investment consultants as its CIO – Hartley led the Russell Investments practice; it also continues the practice of Sunsuper chief executive Scott Hartley in poaching senior figures he worked alongside from his time at NAB.
Scott Hartley described the appointment as a major coup for the business given Patrick’s proven track record of leading successful teams of investment professionals, and broad experience in large, diversified financial services organisations.
“Our aim is to become industry-leading in terms of our investment capability and Patrick, with his extensive experience in the institutional investment industry, coupled with his demonstrated expertise in leading high performing teams, is the perfect fit for the role,” he said.
He added that Patrick would continue Sunsuper’s strategy of dynamic asset allocation and pursuing innovative investment opportunities.
One of Patrick’s first roles will be to deal with the recent loss of two senior members of the team, Corrin Collacott, manager of investment strategies and Joshua Bloom, portfolio manager of international shares.
The team has recently re-appointed Andrew Fisher as an investment strategist after he left the fund to join NZ Super for six months.
Garry Mulcahy, executive general manager at NAB Asset Management, cited Jim Lambourn’s business experience and natural leadership qualities in the logic of appointing him chief executive of JANA. Lambourn has been head of implemented consulting at JANA since 2004, where he has seen institutional client funds under management grow from $2 billion to around $36 billion.