Australian Retirement Trust Appoints New CFO: A Big Move for the $300 Billion Super Fund

Australian Retirement Trust (ART), Australia’s second biggest super fund, has announced the appointment of Phil Fraser as its new Chief Financial Officer (CFO). Fraser, currently the head of ART Life, the super fund’s dedicated life insurance arm, will take on the role effective October 1st.

Fraser has over 20 years of experience in the financial services sector, having held senior positions at UK pensions scheme provider Standard Life, Great Southern Bank, and QSuper. He joined ART in 2018, following the merger of QSuper and SunSuper in 2022.

ART CEO David Anderson welcomed Fraser’s appointment, calling it an “important appointment” for the fund as it enters its next phase of strategic growth.

“I’m excited to welcome Phil to Australian Retirement Trust’s executive committee. I know he will help set our fund up for future success,” Anderson said.

Transition and New Leadership at ART Life

Fraser’s appointment comes as Anthony Rose steps down as CFO. Rose, who joined ART at the end of 2021, will depart the organization at the end of September to “explore other opportunities.” Rose previously held senior positions at the Bank of Queensland and Suncorp Bank. He was also Managing Director of Credit Suisse Australia’s financial institutions group.

Anderson thanked Rose for his contributions to ART, saying he “strengthened our financial resilience” and demonstrated “passion for delivering great member and stakeholder outcomes.”

“On behalf of all my colleagues, I thank Anthony for his considerable contribution to ART and wish him all the best for the future,” Anderson added.

Following Fraser’s appointment, Matthew Finney will step in as interim Chief Executive of ART Life.

ART's Growth and Financial Strength

ART manages over $300 billion in member funds and boasts a membership of around 2.4 million. This makes it one of the largest and most influential superannuation funds in Australia. The appointment of Fraser as CFO comes at a time of significant growth and expansion for ART.

Fraser’s experience in the financial services sector and his strong track record at ART Life make him well-equipped to lead the fund’s financial operations during this important period. The transition from Rose to Fraser is expected to be seamless, with both individuals working together during September to ensure a smooth handover.

A Changing Landscape for Superannuation

The superannuation industry in Australia is undergoing a period of significant change, with regulatory reforms, market volatility, and growing member expectations putting pressure on funds to adapt and innovate.

ART’s focus on strategic growth and financial resilience, evidenced by the appointment of Fraser and the continued expansion of its membership and assets under management, suggests it is well-positioned to navigate these challenges.

The industry is also grappling with the findings of the 2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which highlighted a number of concerns about the sector, including poor governance and transparency.

While the commission’s findings led to significant changes in the industry, some observers argue that more needs to be done to address the systemic issues that led to the misconduct. The appointment of Fraser and ART’s commitment to financial strength and member outcomes are likely to be viewed favorably by industry stakeholders.

Looking Ahead: A New Era for ART?

Fraser’s appointment marks a new chapter for ART. He will be tasked with guiding the fund’s financial strategy and ensuring its continued success in a challenging and evolving market.

His experience in the superannuation industry, coupled with his understanding of ART’s operations, positions him to make a significant contribution to the fund’s future. The industry is watching closely to see how Fraser navigates the challenges and opportunities ahead, and how he shapes ART’s future.

The appointment of Fraser also raises questions about the future direction of ART and the broader superannuation industry in Australia. What will be the impact of the Royal Commission’s findings on the industry? How will funds like ART continue to adapt to the changing landscape of superannuation? These are just some of the questions that will be at the forefront of the industry’s attention in the months and years to come.