Rest lands new chief investment officer

Rest has named a new chief investment officer, appointing a former super fund chief, following the departure of Andrew Lill in November last year.

Michael Clancy, the former chief executive of Qantas Super, has been appointed to the role and is set to commence in August 2025.

He led Qantas Super for over nine years, until it merged with Australian Retirement Trust.

The decision to merge followed a board review of Qantas Super's size, growth trajectory, and legislative and regulatory environment, along with broader superannuation industry trends, including the decline of corporate super funds.

Prior to Qantas Super, he spent over 14 years at National Australia Bank (NAB), serving as chief executive of MLC's asset management business before ultimately taking on the role of executive general manager for investment platforms in NAB's wealth division.

Rest chief executive Vicky Doyle said Clancy brings a rare blend of investment, strategic, and commercial leadership, which will support the evolution of its investment team.

"We invest on behalf of more than two million members, many of whom are decades from retirement. Investing with such a long-term horizon and thinking about the world they will retire into is fundamental to our approach," Doyle said.

"We aspire to grow our membership and funds under management to deliver even more for members over the next 10 years. Michael is a seasoned investment leader with the expertise to steer our more than 140-strong investment team towards these ambitions."

Rest has around $93 billion in funds under management as at 31 December last year, ranking as the 10^th largest super fund by assets. With over two million members, it's also the third largest industry fund by membership, according to Rainmaker Information.

Doyle said Clancy is "keenly aware" of the imperative to deliver strong investment returns and is passionate about funds helping members build confidence in their financial futures.

"He has extensive experience leading high-performing teams and fostering a culture of trust, transparency, and accountability, while successfully navigating the evolving superannuation landscape and delivering competitive member outcomes," she said.

Clancy said it is an honour to join Rest as it enters its next phase of growth and to lead an investment team with a well-earned reputation for delivering value to members.

Rest's default investment option, Rest Super - Growth, has returned 6% per annum over the decade to 31 March 2025, compared to the median comparable investment option, which stands at 6.5%, according to Rainmaker Information.

Rest's head of private markets and deputy chief investment officer Simon Esposito and head of listed assets Kiran Singh will continue to serve as co-chief investment officers in the interim.

Doyle said they played a "crucial role" in ensuring the fund continues to deliver value, particularly through the volatile market conditions experienced so far this year.