First State Super CEO to retire by end of year

First State Super chief executive Michael Dwyer will retire at the end of his contract term on 30 November, the Australian superfund announced today.

The search for a new CEO is underway and Dwyer will remain in his role until his replacement settles into the job later this year, according to a statement.

Dwyer assumed the role in 2004 and was previously general manager of Asset Super, now part of CareSuper. He is also a director at the Association of Super Funds of Australia.

First State Super had A$63.7 billion ($48.0 billion; €40.6 billion) of assets under management as at 30 June 2017, as well as A$18.2 billion through StatePlus, the financial planning company it purchased in 2016. When Dwyer took over as chief executive, the organisation had approximately A$9 billion in funds under management.

In infrastructure and real assets, it has invested with GPs including Brookfield Asset Management, Morgan Stanley Investment Management, IFM Investors, Blue Sky Water and Orion Energy Partners.

In a statement, Dwyer said: “It has been a privilege and pleasure to be associated with First State Super for 14 years.

“First State Super is very well positioned for the future. It’s the right time to transition to new leadership. I look forward to continuing to lead the team until my retirement.”

First State Super chairman Neil Cochrane added: “The significant expansion and development of First State Super [since his appointment] can in large part be attributed to Michael’s strategic leadership and the importance he places on personal engagement and fostering a strong and inclusive workplace culture. Michael’s leadership, integrity and values have formed the basis of our success as an organisation.”