QSuper Promotes Head of Funds to New CIO | Chief Investment Officer

Charles Woodhouse will become the new chief investment officer of Australia’s QSuper in September when current chief Brad Holzberger retires.

Woodhouse has been with the fund since 2009 as its head of funds management, overseeing A$55 billion of the superannuation plan’s A$91 billion ($63.4 billion) in assets under management. He was also briefly its deputy CIO in 2015. Chief Executive Officer Michael Pennisi made the call to promote him.

“We conducted a comprehensive search both across Australia and internationally, but ultimately the skills we needed were well known to us,” Pennisi said. “Charles has impeccable credentials which is testament to the depth of the investment team created under Brad Holzberger.”

The outgoing CIO announced his retirement last year. Like his successor, he’s also been with the plan since 2009. He said it was “gratifying” that Woodhouse can “maintain the stability which has put QSuper in such a strong position.”

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Last week, superannuation rating agency Chant West ranked QSuper first for performance in the past year and also as the 10-year industry leader. The agency highlighted QSuper’s long-term bond and infrastructure strategy, which outperformed its peers.

“Investment markets are always challenging, but we have a depth of experience in assets that others are just finding their way to,” said the incoming CIO. “Our scale and the relationships that we have built with outstanding investment partners have resulted in returns for our members that have exceeded those of most institutional and private investors.”

Prior to QSuper, Woodhouse was the director of alpha investments at the Queensland Investment Corporation.

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Tags: Australia, Brad Holzberger, Charles Woodhouse, Pension, QSuper, Superannuation Funds

With Kentucky’s pension reform bill passing in the Senate Wednesday, Gov. Matt Bevin’s afternoon signature marked a long-delayed victory in his bid to overhaul at least one of the state’s public retirement programs.

The measure (called HB 1) affects quasi-governmental agencies, such as health services. That leaves four other pension plans, all in financial distress, left to be dealt with. “While we have much work yet to do in addressing our $60 billion public pension crisis, HB 1 represents a positive step forward,” the governor said, referring to the rest of the troubled system.

The top chamber’s 27-11 vote brought Bevin a win in a state where wobbly public pensions are a hot political issue. The governor called the session last Friday after lawmakers again failed to pass an overhaul aimed at shoring up the state’s underfunded quasi-government pension program. The bill passed in the state House Monday.

The quasis are one of the five pension plans under the umbrella of the Kentucky Retirement System. Last year, Bevin futilely battled to revamp the teachers’ plan, which is 39.3% funded as of its most recent annual report.

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The quasis’ plan is in an even more dire situation—it is just 12.9% funded. The new law will affect workers in health departments, regional universities, and domestic violence shelters, among others. It shunts new workers into a 401(k)-style plan, allows any of the 118 member organizations to leave the state pension system, and permits these agencies to stop making contributions to the program for a year.

If the agencies opt to leave the pension fund, they will have to pay their unfunded liabilities to beneficiaries in either a lump-sum payment or in installments.

Supporters of Bevin’s overhaul says it is a step in the right direction, while opponents argue it bars workers from receiving their full benefits, lets the agencies mistreat them, and freezes the accrued benefits of some members.

A similar bill affecting the quasis had passed earlier this year, but Bevin vetoed it by saying the legislation was poorly drafted.

If Bevin’s Republican administration is looking to make further reforms, it will have to wait until the next regular session, but only if he is re-elected in November. He faces Attorney General Andy Beshear, the Democratic nominee, who derailed previous attempts to revamp pensions, contending they were too hard on beneficiaries.

Kentucky Tries to Head Off Looming Pension Crisis

Tags: Kentucky, Kentucky Pension Crisis, Kentucky Retirement Systems, Matt Bevin, Pension, Pension Reform, Senate