Rest continues investment evolution with WTW appointment

Rest, one of Australia’s largest profit-to-member super funds, is continuing the evolution of its investments capabilities and governance with the appointment of WTW as its Asset Consultant to the Board and the Board Investment Committee.

This appointment will bolster the independent advice within Rest’s investment governance framework.

“The continued maturing of our investment governance, culture, and data and technology are key to delivering ongoing strong, long-term competitive performance to our 1.9 million members,” said the Chair of Rest’s Board Investment Committee Michael Bargholz.

“Rest has continually refined our governance framework and strengthened the expertise and experience within our Investments team in recent years in order to position the fund for further growth. The appointment of a new Asset Consultant is the next step in this process.

“WTW’s strengths in governance matters, and their global experience and insights, are expected to be a valuable addition to supporting the Board in its responsibilities.”

Aongus O’Gorman, Head of Investments for WTW in Australia said: “We are delighted to be assisting Rest on its journey in this vital work, helping them continue to deliver and improve for their members through the key areas of best-practice governance and sustainability. Our global footprint, working with many major asset owners around the world, gives us a unique perspective to help create value for clients like Rest.

“In our conversations with Rest, we all acknowledge that growth, the regulatory environment, and internalisation of the investment function create a new set of challenges for major superannuation funds, particularly for governance functions, responsible for oversight.”

The appointment follows a competitive tender process that began in October 2022. WTW will commence the appointment on 1 July 2023.

JANA Investment Advisers Pty Ltd will continue as the Asset Consultant to Rest’s Investments team, providing advice and additional perspectives to complement the fund’s investment expertise.

“JANA continues to be a valued and longstanding partner of Rest, and we thank them for the contribution they’ve made over more than 30 years, particularly during the reconfiguration of our investments teams and frameworks in recent years,” said Mr Bargholz.

“I’m pleased that our members will continue to benefit from their strong knowledge of the Australian superannuation industry and the regulatory environment.”