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House of Assembly - Fifty-Third Parliament, Second Session (53-2)
2015-03-24 Daily Xml
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Funds SA

Mr PICTON (Kaurna) (14:38): My question is to the Minister for Finance. Can the minister inform the house about recent changes to the administration of Funds SA?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy, Minister for Small Business) (14:39): Members would be aware that Funds SA is a public authority that invests public servants' superannuation and plays an important role to many people in South Australia. I recently met with Funds SA chair, Ms Helen Nugent, and she was kind enough to introduce me to the successful candidate who was the newly appointed chief executive officer.

Before I update the house on this new phase of leadership at Funds SA, I think it is important to recognise the contribution and achievements of the outgoing chief executive, Mr Richard Smith. Mr Smith has a 27-year career at Funds SA, having started in 1988. He joined the South Australian Superannuation Funds Investment Trust (SASFIT), the predecessor of Funds SA, in 1988. At that time funds under management were $596 million. He became the chief investment officer in 1997 and, while he held that position until 2006, he subsequently became chief executive of Funds SA, during which time the funds under management have increased to just over $25 billion as at 31 January 2015.

Under Mr Smith's leadership and stewardship, we have seen the fund achieve strong results over an extended period of time. At the end of January 2015, the Funds SA flagship Balanced Fund has achieved returns of 12.8 per cent for one year, 12.6 per cent per annum for three years and 10 per cent per annum over five years. On behalf of the government, and I would like to think the parliament and superannuants, I would like to thank Mr Smith for his outstanding contribution to the state and wish him well in his retirement.

After an exhaustive recruitment search, the board of Funds SA has recommended to the government that Ms Jo Townsend be appointed as the new chief executive officer. Ms Townsend comes with very impressive credentials, and I am sure she will make a positive contribution to the organisation. With over 20 years' experience in the financial services industry within major superannuation funds and institutional and boutique investment management firms, she is more than qualified in mathematics and finance and is also the recipient of the Certified Investment Management Analyst (CIMA) designation.

After holding a role at Tasmania's retirement benefits fund, Ms Townsend moved to New South Wales where she held chief investment officer roles with the Non-Government Schools Superannuation Scheme and then the very successful REST Industry Super, a fund that provides exceptional service to thousands of retail workers in the vital sectors.

Most recently, Ms Townsend held the role of chief operating officer at REST super, a fund with $35 billion under management. I would like to welcome Ms Townsend and her family to Adelaide and look forward to working with her in my capacity as Treasurer.

I would also like to take the time to quickly update the parliament on some recent appointments to the Funds SA board. Two new directors were appointed to the Funds SA board for a three-year term from 2 December 2014. Mr James Baulderstone, who is currently Vice President Eastern Australia and Head, Government and Public Affairs at Santos, will be a fantastic recruitment for the board. Likewise, I am extremely pleased to welcome Ms Kathryn Presser, who is currently the Chief Financial Officer and company secretary with Beach Energy, who has agreed to join the board. Ms Presser has 18 years' experience at Beach Energy and her commercial and corporate knowledge, together with her financial background, will be an asset for the government and Funds SA.

These appointments strengthen what is already an outstanding board (with former treasurer Kevin Foley being on the board) and management team and I look forward to updating the house of Funds SA future achievements.

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