HESTA appoints GM of portfolio construction and risk

HESTA has appointed ex-Frontier alternatives and derivatives head Michael Sommers as its new general manager of portfolio construction and risk.

Sommers will join the $56 billion fund's redefined investment leadership structure. He'll report to the head of portfolio design Stephanie Weston, who herself joined the fund in June 2020. HESTA unveiled a new investment leadership structure and internalised some of its asset management functions in early 2020.

"Strengthening our portfolio construction and risk management is key to our overall investment strategy," said HEST chief investment officer Sonya Sawtell-Rickson. "With over 20 years' experience in financial services, Michael has a proven track record in portfolio construction, derivative and alternatives strategies and risk management that will complement the skills and capabilities of our existing Investment team talent. I'm thrilled to welcome him to the team."

Sommers spent nearly eight years with Frontier as principal consultant and head of alternatives and derivatives. He previously held senior risk management roles at CIBC World Markets, Lloyds Banking Group, and the Bank of Scotland.

Sommers says he's excited to be part of HESTA's innovative investment team. "In the past year we've seen unique investment opportunities emerge so it's a great time to focus on making sure our strategic asset allocation and risk management framework continues to be robust and responsive to market conditions, which will help us to keep making a real difference to our members' retirement savings."