Despite being a growing reservoir of funds under management, this critically important pool of capital is confronting mounting problems collating and disseminating key data in a timely manner.
The ratings house is pinning its growth strategy on a revamped methodology that increases the emphasis on governance to 25 per cent – a timely move considering APRA’s proposed reforms.
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).
