Vasyl Nair was named group CEO of Mine Super, a Newcastle-based A$13 billion ($9.2 billion) super fund for Australia's mining sector, according to a news release Wednesday.
Mr. Nair had been elevated to interim CEO from group deputy CEO in March after then-group CEO Harry Mitchell left to join fintech firm Recreo Financial. Mr. Nair's permanent appointment became effective Tuesday.
Grahame Kelly, Mine Super chairman, said in the news release that Mr. Nair's appointment ensured continuity and expressed confidence the newly-anointed CEO "will continue to propel the fund successfully forward into 2022 and beyond."
Mr. Nair takes the helm just as the industry is experiencing a spate of mergers, in line with calls by Australian regulators for funds to scale up to at least A$30 billion in retirement assets — a level they contend is needed to achieve needed investment returns at competitive fees.
Mr. Nair, in an email, said "like most funds, we are actively pursuing merger opportunities with other like-minded funds to determine if a merger would benefit our members."
Even so, he said, "we believe there is a place in the future for specialist superannuation funds such as Mine Super with tailored offerings for specific industry sectors," such as geography, insurance and risk profile.