Andrea Slattery has resigned as chief executive of the Self Managed Super Fund Association, effective from May, but will continue at the organisation as a non-executive director.
Former Institute of Actuaries of Australia chief executive John Maroney has been appointed as her successor and will accompany Slattery to the SMSF Association National Conference later in February.
Slattery said she wanted to develop her career in boardrooms and did not rule out the possibility of crossing the aisle to institutional superannuation.
Institutional investors have nearly two-thirds of all superannuation assets, with $1.3 trillion of the sector’s $2.1 trillion in funds under management (FUM), according to statistics the Australian Prudential Regulation Authority (APRA) released on February 1, 2017.
In 2003, SMSFs had only $109 billion in FUM, but today they account for about $621.7 billion.
The superannuation industry is at an inflection point, as assets increasingly move from accumulation phase to post retirement. SMSF Association chair Andrew Gale said his sector’s growth had been particularly strong in post retirement, and that the split of assets in that phase was closer to 50/50 between institutional and SMSFs.
Slattery’s skill-set, gained from 14 years of experience at a membership organisation, is particularly attractive to institutional super funds that are struggling to engage with members and design appropriate post-retirement offerings.
She already sits on the board of the ASX-listed Argo Global Listed Infrastructure.
New chief executive a leader and advocate
Gale said Maroney was the ideal person for the role of chief executive.
“As CEO of the Actuaries Institute from 2006-09, he played a significant leadership and advocacy role, with a particular focus on lifting educational standards and building the profession, as well as driving membership growth and developing partnerships with universities,” Gale said.
Maroney was also executive director of the Life Investment and Superannuation Association, which was the primary predecessor to the Financial Services Council.
Maroney said: “Having worked for several not-for-profit member organisations, I appreciate the need to diligently serve the membership, [and also] appreciate the importance of industry integrity issues. I will continue to build on the strong foundations [Andrea Slattery] has established in both areas.”
He added that he brought knowledge of the small-business sector, having established a consultancy in financial services.
“I am aware of many of the issues our members face, and I look forward to engaging with specialists and trustees in the most dynamic superannuation sector,” he said.