LGIAsuper adds ops specialist to exec team

LGIAsuper has completed its acquisition of Suncorp's superannuation business and appointed its operations specialist to the executive team.

The latest deal brings total funds under management to $31 billion.

Suncorp Wealth division's executive general manager James Gyton said his appointment to the fund's leadership team would assist with the integration.

"This is an exceptional opportunity for us to bring together the experience and knowledge of people from not only two teams but two fund types to enable us to deliver a unique offering that provides members with the best possible outcomes," he said.

Gyton will join the fund's executive team as the chief operating officer for Suncorp's portfolio services business (SPSL)

Previously, he was head of AMEE Group at Rubik Financial between August 2014 to May 2015.

Earlier, he was an operations manager with MetLife, a senior Manager, a strategic initiatives manager at Suncorp an Investor and loyalty services manager at Asteron, and a manager at Perpetual.

LGIAsuper chief executive Kate Farrar said completing the transaction will enable the fund to grow and thrive in an increasingly complex and competitive national market.

"The acquisition of the SPSL business gives us the combined size and scale to deliver efficiently for all our members while maintaining a personal and boutique member experience that differentiates us from the growing number of superannuation mega-funds," she added.

"This transaction is unique in that we are a profit-for-members fund acquiring a retail fund, with the ultimate intent being to mutualise the retail fund and put benefits in the hands of all members."

Farrar noted the rapid consolidation of the superannuation industry with merger and acquisition activity driven by a need to lower costs and improve service offerings to remain competitive.

"We have a clear vision for our future together: to achieve a sustainable fund size that maintains our status as a boutique and personal superannuation provider whilst enabling us to deliver very competitive returns and fees," she added.

Farrar said the investment, which was funded from LGIAsuper's reserves, had a payback period well below equity market PE ratios.