Michael Lovett, the executive tasked with leading $10.5 trillion investment giant Vanguard’s push into the local superannuation market, will “take some time out” after leaving.
, including a flagship default lifecycle option, Super SaveSmart, charging 0.58 per cent a year in investment and administration fees.
“Vanguard Super is not the cheapest super fund for anyone,” Craig Swanger, co-founder of fintech Super Fierce and former chief investment officer at Macquarie, said at the time. In announcing Mr Lovett’s departure, Vanguard managing director Daniel Shrimski indicated the company planned to deliver lower fees for its super fund members over time.
“We will continue to build teams and foster leadership that supports our ambitious strategy in Australia.”
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