Rest surpasses $100 billion in funds under management

Rest, one of Australia’s largest profit-to-member superannuation funds, is celebrating surpassing $100 billion in funds under management for the first time – with the milestone emblematic of its ongoing dedication to helping members prepare for the future.

Rest began investing more than 37 years ago on 1 July 1988 and today represents more than 2 million members – the equivalent of 1-in-7 working Australians – with more members under the age of 30 than any other fund, and the second-highest number of members under the age of 50.¹

Rest Chief Executive Officer, Vicki Doyle, says reaching $100 billion in FUM is a proud moment for the fund and reflects its longstanding commitment to help members reach their best-possible retirement outcomes.

“Rest has the great privilege and responsibility of growing the retirement savings of millions of hardworking Australians, many of whom are in part-time and casual roles and have less opportunity to retire with larger balances,” Ms Doyle says.

“This level of growth gives Rest the size, scale and financial benefits to continue delivering for members – it helps us maintain competitive fees, flexible insurance, digital tools and financial advice.

“Importantly, such large scale also gives our members access to investment opportunities they’d be unlikely to gain on their own – helping us continue to deliver strong long-term performance to them.

“Since we invested our first dollar in 1988, we have focused on delivering strong long-term returns to support our members’ financial futures.

“So much has changed since then - back in 1988, we were still in the early years of personal computers – technology that would go on to revolutionise everyday life. Today, we are at the dawn of another revolutionary transformation with AI.

“There have been innumerable events that have shaped markets over the past 37 years. Through it all, we’ve been focused on helping members prepare for the future and have delivered an average return of 8.33% pa in our flagship Growth investment option.”

Ms Doyle says the milestone coincides with the arrival of Michael Clancy, who joined the fund this week as Rest’s new Chief Investment Officer.

“I’m delighted to welcome Michael Clancy, our new Chief Investment Officer, who joins us at this important moment in Rest’s history. His leadership will help ensure we continue the work to support our members as we look to the future,” she adds.

Mr Clancy says Rest’s investment team is committed to building on its strong track record of delivering long-term results for members.

“With around three-quarters of our members still decades from retirement², our long-term focus remains as strong as ever. We’re thinking deeply about the world our members will retire into and how we can contribute to a more sustainable future,” says Mr Clancy.

“I’m excited to join Rest at such a significant moment and contribute to its track record of strong performance for our members, while supporting Rest’s aspirations to grow our membership and funds under management.”

Rest will also welcome new Chief Member Officer Simone Van Veen later in August.

“Simone’s deep digital experience and strong leadership will be invaluable as we continue simplifying super for our members and empower them with seamless experiences, tools and support to shape their financial futures,” Ms Doyle says.