Prime Super CEO hunts new role

Prime Super, the Melbourne-based superannuation fund with $6.7 billion of funds under management, is searching for a new chief executive.

The superannuation fund's current chief executive, Lachlan Baird will depart after nearly 20 years

Baird - who has overseen considerable change and growth including three mergers during his tenure - will step down from the role early next month.

The outgoing chief - who is variously described as astute with a focus on getting things done - will be replaced by operating chief Remo Memmolo on an interim basis.

Memmolo will fill the position while Prime Super searches for Baird's replacement.

In a statement, Prime Super chair Nigel Alexander recognised Baird's outstanding contribution and pointed to the fund's strong long-term returns.

"He leaves an impressive legacy with Prime Super in a strong position as we look to the future and deliver a well-considered and forward-looking strategy in a period of industry change," Alexander said.

Baird said Prime Super enters the next phase of its evolution with an enviable record and an excellent reputation among its partners and industry peers.

"I will leave the organisation knowing it is in great shape for the future," he added.

Interestingly, Baird has worked within the superannuation industry for most of his career.

He started at KPMG in 1995 as an auditor specialising in superannuation funds.

After a few years at KPMG, he moved into a role managing the external financial reporting function at Superpartners before running operations at Host Plus.

Incoming acting chief executive Memmolo has also had extensive experience in the financial services sector.

He has been with Prime Super since 2015 and long played a key role in financial and strategic planning, according to the super fund.

Before joining the superannuation fund, he was managing director of business operations at BlackRock and head of operations at Merrill Lynch.

Interestingly, the similarly sized legalsuper recently overhauled its team in a move that has seen the sudden exit of longstanding chief executive Andrew Proebstl.

In March, the super fund appointed former banker Luke Symons as its head.

Symons was most recently managing director of digital and new ventures at AMP.

New data released by Rainmaker Information reveals that Prime Super's default investment product posted an annual return of 6.9 per cent over a 10-year span compared to the median 7.1 per cent for MySuper options.