SSGA announced in a statement that the new role would see Jonathan Shead assume responsibility for creating a new team to “create innovative retirement investment solutions for the Australian market”.
This team will work closely with super funds as well as financial advisers in developing new investment strategies to address the “evolving retirement needs” of super members and SMSF investors.
Mr Shead joined State Street in 2000 and has been part of the global portfolio strategy team since then.
He will be based in Sydney and report to Boston-based SSGA global head of defined contribution proposition and strategy Nigel Aston, alongside SSGA Asia Pacific head James MacNevin.
Mr MacNevin commented: “Jonathan brings not only a deep understanding of the investment challenges facing super funds and individual investors, but also expertise in product design, taxation, social security, administration and communication.”
He added that there was an “acute” need for investment strategies tailored to retirement as super fund members transitioned from wealth accumulation to savings drawdown.
Citing results from a yet-to-be-released global retirement survey that showed only one in five Australians felt optimistic about their financial future post-retirement, Mr MacNevin said: “We hope this new retirement solutions team will help shift that sentiment and contribute to a greater sense of financial security for Australian retirees.”
