AUSTRALIA - Former MTAA Superannuation Fund trustee John Rickus has joined consultants Principle Advisory Services as a strategic advisor.
Principle MD Les Fallick said Rickus would bring vital experience to the consultancy about how superannuation funds approached their investment in alternative assets.
“Principle, which specialises in the development and distribution of alternative assets investment products to the institutional investment market, can only benefit from having someone of Rickus’ depth of knowledge about the industry on our board,” he said.
Rickus spent 10-years as a trustee at the A$4.2bn MTAA Super, and he said the fund was one of the more innovative funds in how it invested in alternatives, as it has 43% of its portfolio invested in the asset class.
“The MTAA’s decision to invest in alternatives was prompted by the knowledge that the privatisation of state-owned assets would release a lot of value once they had to operate under market conditions,” said Rickus.
“The board... realised this was a once-in-a-lifetime opportunity.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.