Stephen Howard will join HESTA, the Australian super fund focused on health-care workers, as general manager, defensives.
The position — overseeing the internal management of the fund's fixed-income and cash holdings — is new, according to a news release Wednesday from the A$60 billion ($46.4 billion), Melbourne-based fund. Mr. Howard starts May 3.
After the management of some of HESTA's equity allocations are brought in-house this year, Mr. Howard "will be leading the next phase of our internalization journey, as we move to internally manage fixed interest and cash instruments," Sonya Sawtell-Rickson, the fund's chief investment officer, said in the release.
Mr. Howard was a senior portfolio manager at Melbourne-based Medibank Private Health Insurance. A search is underway to fill Mr. Howard's role, said Emily Ritchie, senior executive external affairs at Medibank.