Cbus chief executive Justin Arter has announced that he will step down from his role after the successful completion of the fund’s merger with EISS Super.
First appointed in July 2020, Mr Arter previously led the merger between Cbus and Media Super, which was finalised last April.
The merger with EISS Super is expected to conclude in May, the two funds having first signed a memorandum of understanding in December 2021, after which Mr Arter is set to retire.
Mr Arter will support the Cbus management team in its leadership transition in the meantime. The Cbus board named current chief investment officer, Kristian Fok, as interim CEO on Thursday as it considers its approach to the appointment of a long-term replacement.
According to Cbus, its board has shifted its attention to organic growth and member retention following an industry consolidation slowdown.
Commenting on his retirement and the fund’s next phase of expansion, Mr Arter said: “I’m enormously proud of the strides the fund has taken during my tenure and in recent years Cbus has grown strongly.”
“The successful mergers we have overseen have strengthened the fund’s capacity to invest on behalf of our members and to deliver other important scale benefits for members.”
To this point, Cbus chair Wayne Swan expressed his gratitude to Mr Arter for his efforts in leading the fund’s recent growth strategy, with funds under management having risen from $56.5 billion to more than $73 billion since joining in mid-2020.
“Cbus, under Justin’s leadership, has adroitly navigated two significant mergers, successfully expanding Cbus’ funds under management, membership, and industry footprint,” Mr Swan said.
“Thanks to these successes, we are well placed to continue our journey of growth, with a renewed focus on retaining members and attracting new ones.”
Mr Arter joined Cbus following a successful career in institutional investment and superannuation, with his more recent roles including as head for Australia for BlackRock, head of the client business at BlackRock in London, and CEO of Victorian Funds Management Corporation.
Meanwhile, the industry super fund is also undergoing an investment internalisation plan, having bolstered its investment team with the appointments of Divya Jain and Nathan Cotton last month.
Complementing the fund’s overarching growth strategy, Cbus strengthened its capabilities in asset allocation, naming Ms Jain and Mr Cotton as portfolio strategist and senior analyst, respectively.
