Nancy Day has taken the role, after holding the head of investment operations position since August 2018.
She commented she is excited to be driving the continued internalisation of the Cbus investment model.
“My focus will be on the ambitious investment model including the internalisation of a number of direct investment strategies to continue to drive down investment costs and maximise the retirement outcomes of our 770,000 members,” Ms Day said.
The industry fund began bringing some of its management in-house in 2016, with it now looking over 31.6 per cent of its funds under management internally.
Cbus chief executive Justin Arter and chief investment officer Kristian Fok recently pointed to high salaries for fund manager staff as propelling tall profit margins. Mr Arter, who had previously been country head for BlackRock, called internalising investments a “value transfer away from commercial fund managers and their highly paid staff, across to members”.
Speaking on Ms Day’s appointment, Mr Fok said she had made a “significant contribution to the growing sophistication” of the fund’s investment operations.
“Nancy is a recognised leader across the fund and we are very pleased to welcome Nancy into this important leadership role,” he said.
Prior to joining the fund, Ms Day had led the operations, compliance, risk management and governance functions at equities fund manager JCP Investment Partners.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
