LUCRF Super changes investment model, team

Michael Mcqueen
MICHAEL MCQUEEN
Labour Union Co-operative Retirement Fund - Head of Investment Strategy
DEPARTURE
LABOUR UNION CO-OPERATIVE RETIREMENT FUND
Date: December 2019
Position: Head of Investment Strategy

LUCRF Super is changing its investment model, a decision that came after an independent review commissioned by the $6.5 billion fund.

In a statement to Industry Moves, LUCRF Super says they will move from their sector-specific model and transition to a whole-of-investment-portfolio structure. This will result in a smaller number of management-level roles with deep generalist experience.

Said LUCRF Super CIO Leigh Gavin: "Our new investment model means we can now work across our entire investment portfolio by employing a more generalist investment team, reducing the duplication of work currently delivered by our investment consultant Frontier Advisors."

The restructure will mean that the fund has reorganised its investments team and will no longer require four existing positions, including head of investment strategy. While LUCRF declined to identify the individuals who have been made redundant, Industry Moves has confirmed that current head of investment strategy Michael McQueen has departed the organisation.

McQueen has been in the role at LUCRF since July of 2018. Before that, he was an investments manager and analyst with Kinetic Super and spent 5 years with ANZ as an equities analyst.

The other roles that have been made redundant include two senior investment analysts and an investment analyst role.

LUCRF's Gavin said the changes were not an easy decision but will be a good one for their members. "Those members of our team who are departing the Fund have made a significant contribution to the Investments team and the Fund. It is appropriate for us to recognise their achievements at this time and wish them well for the future."

LUCRF will be adding two new generalist roles to their investments team in the new year, a deputy CIO and investment manager. They are using Vine Partners for the search, and recommend anyone interested contact Annalie Davies on 02 9002 5700.