Group Health Foundation Picks Its First CIO

Muthu Muthia

Muthu Muthiah is departing Emory University to become the new $1.9 billion Group Health Foundation’s first chief investment officer.

That means he’ll get the chance to build the fund’s portfolio and investment division from scratch, which the new CIO is eager to do. “I want to come into work every day and know I’m making a difference,” he said.

Muthiah spent two years as a managing director with the $7 billion Atlanta-based college endowment, running a portfolio of similar size to Group Health’s. The Group Health Foundation was founded in 2015 and funded in 2017 by proceeds from Kaiser Permanente’s acquisition of Group Health Cooperative.

A similar situation occurred in January, when UJA Federation chief Colin Ambrose left after 10 years to run Mother Cabrini’s shiny new $3.2 billion foundation.

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At the Seattle-based foundation Muthiah brings a wealth of living experience from all over the world. Muthiah has lived in four different countries (India, Papua New Guinea, Australia, and the US) and will now be working in his sixth state (his other former areas of residence include California, Texas, Virginia, Florida, and Georgia) when he moves to Washington.

Group Health said this well-traveled background gives him “a unique global perspective on investing.”

Muthiah, who starts at the 18-month-old foundation next month, says his globe-trotting past furnishes him with a cultural awareness and a global perspective that will come in handy when assessing international opportunity.

“We’re living in a global and interconnected world, and things happening across the globe have very real effects on what’s happening here in today’s market,” he said, adding that the foundation staff is an ethnically diverse bunch, and this was a big driver for his career move.

He’s also looking forward to meeting the people and organizations in communities across Washington.

Muthiah is an admirer of Charlie Munger, Warren Buffett’s right-hand man, whose broad reading and deep thinking aids his investment analysis. The new Group Health Foundation chief enjoys reading and watching Tamil movies, also known as Kollywood films (after the Tamil state in southern India, and not to be confused with Bollywood). He also likes cycling and jogging, and wants to start hiking and camping when he moves to the state that includes Mt. Rainier.

Neither Group Health Foundation representatives nor Srinivas Pulavarti, Emory’s CIO and Muthiah’s old boss, could be reached for comment.

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Tags: CIO, Foundations, Group Health Foundation, Muthu Muthiah, People Moves

Scott Hartley

One of Australia’s larger superannuation funds is losing its chief executive officer after nearly six years of helping grow the fund’s assets to more than twice its size since his arrival.

Scott Hartley announced his resignation from Sunsuper on Friday to pursue other opportunities. He will stay on until the retirement plan, which covers various industry employees, finds his successor, making sure it “doesn’t miss a beat of its amazing momentum,” he said in a LinkedIn post.

“It has been an honor and a privilege to lead the awesome team at Sunsuper who have delivered industry-leading outcomes and experiences for our customers,” he said.

Hartley’s decision comes several months after the fund merged with AustSafe Super, continuing a trend where the nation’s superannuation funds are consolidating due to the government’s criticism of the industry.

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Sunsuper also merged with Kinetic Super and the IAG & NRMA Superannuation Plan under his watch.

Hartley joined the fund in 2013, when it was a A$25 billion ($17 billion) fund with a million members. It is A$66 billion ($45.9 billion) today, boasting a 1.4 million member community.

Chairman Andrew Frasier said Hartley introduced an “intense period of growth” to the organization, where it was recognized as one of the fastest-growing supers in Australia.

Part of that transformation involved upgrading its digital capabilities, allowing the fund to become more data-driven and boosting its investment performance. It rose from an average-returning record to a first-quartile performer among supers.

Sunsuper returned 10%, 9.6%, and 9.1% over the three-, seven-, and 10-year periods as of March 31.

Fraser also praised Hartley’s leadership abilities. He said the departing chief has led with “a personal passion” for developing the fund and creating a “high-performance culture” within it.

The outgoing chief thanked his team for helping the institution attain the big wins.

“Our extraordinary achievements would not have been possible without having developed a high-performing culture across a team of people who are committed, extraordinarily capable and passionate about our purpose to inspire and empower Australians to fulfil their retirement dreams,” he said.

“This has been an agonizing decision, but the timing is right for me and for Sunsuper,” said Hartley, who felt “sad, proud, and excited” to announce his leave taking.

Fraser said, “Scott and I have recently been discussing his plans and I know he has wrestled with this decision, but having achieved his ambitions for Sunsuper, I do understand his eagerness to take on a new challenge,” he said.

Hartley did not announce his future plans.

Some of Sunsuper’s clients include Virgin Australia and Domino’s Pizza.

Hartley could not be reached for direct comment.

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Tags: Australia, Pension, resignation, Scott Harley, Sunsuper, Superannuation Funds