The industry fund has taken a 49 per cent stake in subscription vehicle provider Splend alongside IFM and other co-investors as it looks to build a 10 per cent exposure to climate solutions in its global portfolio.
After years of powering super returns into the double digits, US equities are walking a tightrope, and one misstep could send them plunging to earth. But the story that put them up there in the first place still holds true.
Lambert leaves NSW’s Local Govt fund
Peter Lambert, the chief executive of NSW’s Local Government Super (LGSS Pty Ltd), has left the fund after a period of extended leave. A search is on for a replacement.
Lambert joined the fund in 2007 and led it through a topsy-turvy time, which included amalgamating Local Government Super with Energy Industries Super, and also dealing with the former FuturePlus Financial Services – originally owned by LGSS Pty Limited and EISS Pty Limited until late 2010. That was a marriage made in hell. Link Group bought FuturePlus in 2012.
Lambert was unavailable for comment last week. It is understood he is considering a number of alternative employment options. His stint at LGEISS should stand him in good stead.
Notwithstanding the volatile nature of the fund’s board, LGEISS has provided above-average performance to members for the past 10 years, according to numbers provided by SuperRatings.
The board has appointed Donna Heffernan as Acting CEO until a permanent replacement for Lambert is recruited.
The fund’s asset consultant is JANA Investment Advisers and administrator is AAS (Link Group).
