(20 April 2011 – Australia) Long-time champion of industry super funds Bernie Fraser has decided to retire from his directorships at Cbus and AustralianSuper at the end of June.He will, however, continue as chairman of the Members Equity Bank, which is owned by industry funds.
Membership of both Cbus and AustralianSuper grew hugely under Mr Frasers direction.
He had been with AustralianSuper since 1996 during which time membership numbers had more than doubled from 650,000 to 1.5 million and funds under management have increased from A$2 billion to more than A$38 billion.
AustralianSuper chair Elana Rubin said Bernie Fraser was a very rare individual.
“As a board member, Bernie has tirelessly applied his insight and wisdom to help build the fund into one of Australia’s largest and best-value super funds.”
Mr Fraser will continue to advise the fund’s investment committee for an indefinite period.
Cbus chairman Steve Bracks also praised Mr Fraser’s contribution to the fund over the past 15 years.
‘In the time Mr Fraser has been on the board of Cbus, we have grown from A$1.4 billion in funds under management to A$17 billion,’ Mr Bracks said.
‘Membership of Cbus has also grown from 291,500 in 1996 to 650,000.’
Mr Fraser is well-known as the face of industry super funds, appearing in television advertisements recommending industry funds because of their policy of not paying commissions.