LGIAsuper: New ops hire to expand role

James Gyton
JAMES GYTON
Brighter Super - Chief Operating Officer (SPSC)
APPOINTMENT
BRIGHTER SUPER
Date: 8 April 2022
Position: Chief Operating Officer (SPSC)
By Elizabeth Fry

The role of LGIAsuper's new operations specialist will evolve as the industry fund looks to double its assets to $60 billion.

Having completed its acquisition of Suncorp's superannuation business, LGIAsuper recently appointed Gyton to the executive team as the chief operating officer for Suncorp's portfolio services business (SPSL).

However, Gyton's role is expected to evolve over the course of the integration journey in the years ahead.

"We expect that James will be able to take his learnings from the SPSL integration into the final merger the Board hope to undertake when we have the capacity, to achieve our final target of being a $50 to 60 billion superannuation fund, LGIAsuper said.

"As the chief operating officer, James will own the integration activities but will continue to work closely with the SPSL Limited Board and the transitioning SPSL team members, as he will retain responsibility.

LGIAsuper said it is ultimately working towards the mutualisation of the old Suncorp super fund and a successor fund transfer in late 2025 for the benefit of all members of both super funds.

"The immediate priority over the next 18 months is to complete the separation of the SPSL business from Suncorp and then continue to integrate the operations of SPSL into the broader LGIAsuper group to realise the benefits of our combined scale," the super fund went on to say.

With over 30 years in the industry, the recruit brings broad operational management and project-based experience spanning investor administration, domestic custody, financial planning, business improvement & business support functions.

"James is skilled at streamlining business operations and has experience across retail and industrial funds."

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 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 said.

Farrar said the investment -  funded from reserves -  had a payback period well below equity market price/earnings ratios.