Former Goldman Sachs partner joins First State Super board
The First State Super board has added former Goldman Sachs partner and Nexus Initiative founder, Philip Moffitt, to their board. He was nominated by the NSW Secretary of Premiere and Cabinet and Secretary of Treasury.
Moffitt joins John Dixon as a new appointee.
First State Super is looking to finalise their merger with VicSuper by the end of June and are deciding whether their proposed merger with WA Super will proceed. Chair Neil Cochrane said, "At the same time, our organisation is rising to the challenges of the COVID-19 pandemic, to ensure that we are here to support our members through the current market volatility and economic uncertainty, and that we are also well placed to take advantage of investment and other opportunities the markets may provide.
"We remain in a strong position despite the challenging environment, but now is not the time for complacency. We know there are many challenges ahead and we remain focused on our members and ensuring that every decision we make is in their best interests and supports them to achieve the kind of retirement their deserve."
Moffitt and Dixon replace Bob Lipscombe and Ralph Kelly, who are retiring after nine years of service not he board.
"Philip Moffitt was at Goldman Sachs Asset Management for 20 years in roles which included Partner Managing Director and Co-Head of Global Fixed Interest and Currency Group," said Cochrane. "He is currently the Founding Director of the Nexus Initiative, an investment management business that delivers capital to economically sustainable organisations and projects which benefit individuals and the community. This aligns to our responsible ownership approach where we strive to deliver the best possible returns to our members, while being a genuine force for good in our community.
"We look forward to the contribution that John and Philip will make to our Board over the years to come."
Moffitt began his career as a cadet economist in the research department of the RBA.
