The days when Australia “rode on the sheep’s back” may be long gone, but agriculture remains a critical component of the economy, generating valuable export income. While overseas investors understand its importance, for most local institutions it’s still a bridge too far.
For several years, investors, from institutional to retail, couldn’t get enough of the tech stocks with all their promises of future growth. But now the market has spoken and it’s saying precisely this – valuations matter again.
Telstra Super fills one gap as another opens up
Telstra Super, Australia’s largest corporate fund, has filled its vacant chief financial officer position but is now searching for a new chairman ahead of the retirement of David Leggo.
Paul Curtin has resigned from a similar position at industry fund Vision Super to take up the Telstra CFO role, which has been vacant since last November with the departure of the experienced Christina Liosis.
Liosis, who is currently engaged in some contract consulting, said she was hopeful of taking on another executive role at a big fund soon. Before her departure she oversaw the restructure of the $A11 billion Telstra’s whole investment operations strategy, including a new custody contract with NAB, and implementation of a new member-directed platform.
Meanwhile, David Leggo is understood to be retiring as chair as at June 30 this year. He joined the Telstra Super board as chair in 2010 after many years chairing the aviation industry fund AvSuper. Feelers have been put out to possible replacements.
Like the handful of other large corporate funds remaining in Australia, Telstra Super has to juggle strategies for its declining defined benefit component alongside its expanding defined contribution accounts.
