In the wake of the Hayne Royal Commission, industry funds reigned supreme. It has taken more than five years, but the for-profit funds are finally back in the game as the not for profits increasingly struggle to service members nearing or in retirement.
Central banks have performed admirably to get economies back on track, but a public that is far less-trusting of big institutions and traditional asset classes remains unconvinced. US President Donald Trump’s trade policies are simply fuelling their fears.
‘A vast degree of experience’: Scott Tully lands at Rest
Scott Tully has joined Rest on a six-month contract as head of investment option development. Tully previously spent 30 years with CFS and its predecessor organisations, including two decades in its investments business.
“I’m excited to be joining Rest at a time when the organisation is making significant enhancements to its investment capabilities,” Tully told ISN. “I look forward to being able to contribute my experience and expertise to the team.”
In a statement accompanying the announcement, Rest CIO Andrew Lill emphasised that the majority of the fund’s members are decades from retirement – including more than one million members aged younger than 35 – and its “investment strategy and diversified portfolio are increasingly reflecting this uniquely long-term investing horizon”.
“It’s important that we regularly review our investment options to ensure they continue to reflect interests and needs across our membership,” Lill said. “Scott has a vast degree of experience and expertise in investment management and with a wide range of investment objectives. Rest stands to benefit from Scott’s knowledge, as well as the fresh set of eyes he will bring to our investment option menu.”
Paul Docherty has also been appointed as head of portfolio reconstruction and research, and will help Rest to “enhance its investment strategy and asset allocation capabilities for member-focused multi-asset portfolios”. Docherty joins from Spirit Super, where he was the general manager for strategy and risk. Lill said the addition of Tully and Docherty would “further deepen the (investment team’s) whole of fund capability”.
“We are also continuing to evolve our whole of fund approach to maintain the strong long-term returns we have delivered to Rest members, including by looking to expand our internal investment management capability,” Lill said. “Paul’s experience will be instrumental in this process, and I’m delighted that he will join the team.”
