New super fund with focus on students and young professionals names CEO

Student Super, a newly-launched super fund with a focus on Australian students and young professionals, has announced the appointment of Andrew Maloney as its chief executive officer.

Maloney has 28 years' experience building services for students. As a university student in the early 1990s, he started a partnership with Apple and CBA to create a discounted financial product to help students buy their first computer. His website StudentVIP.com.au and mobile app, Lost On Campus, have a combined membership of over 550,000 students.

Student Super, which does not offer life insurance, has zero fees for members whose balances are under $1,000 and additional discounts for balances up to $5,000. After that, its fees are 99 basis points and $78 p.a. When students graduate, the fund changes name to Professional Super.

Commenting on the fund's approach, Maloney said: "In the context of recent super fund launches, we are a little different. We don't expect to disrupt the industry, or create fancy investment options. Instead, we have built a low-cost product that is designed to create much better outcome for our specific community - young Australians."

He added: "Over the two week launch period we expected to generate 10,000 waitlist sign ups, but instead received over 22,000. We could not have asked for a better start."

Joining Maloney as part of the fund's new leadership team is chief operating officer, Madeleine Luttrell, and chief technology officer, Tom Horn.