The ASIC report into death benefit claims revealing the devastating impact of poor industry practices on grieving Australians has again highlighted the pressing need for change. While some funds have taken up the cudgels, others are still playing hardball on improving their service offering.
A Retirement Income Covenant obligation notwithstanding, there is still a paucity of these complex products on offer. The Advice Through Superannuation draft legislation might offer a way forward.
Future Fund taps CalPERS for new alternatives recruit
Pictured: Craig Dandurand
The Future Fund has recruited a specialist alternatives portfolio manager from CalPERS, the US$270 billion Californian public sector fund, who will move with his family from Sacramento to Melbourne in the new year for the role.
He is Craig Dandurand, who has been at America’s largest pension fund for 13 years, after a short career as an attorney. He became portfolio manager in the alternatives area at CalPERS in 2007 and has effectively run the fund’s hedge funds strategies since 2011.
In his role at the Future Fund, Dandurand will report to David George, the head of debt and alternatives. He will be working with Ben Samild, the former head of investments at LUCRF, who also resigned recently to join the Future Fund’s debt and alternatives team.
Will Hetherton, the Future Fund’s communications executive, confirmed the appointment over the weekend. He said: “We’re looking forward to Craig joining us and see him as a great addition to the team.”
The appointment was originally reported in the US last Friday. A report in the aiCIO newsletter said Dandurand holds a doctor of law from the University of California, Davis and a bachelor of science degree in mathematics from Harvey Mudd College.
