HESTA has appointed Michael Sommers as its general manager for portfolio construction and risk.
Sommers would be responsible for managing the strategic asset allocation and risk budgeting process to ensure optimal risk-adjusted returns over the long-term.
“In the past year we’ve seen unique investment opportunities emerge so it’s a great time to focus on making sure our strategic asset allocation and risk management framework continues to be robust and responsive to market conditions, which will help us to keep making a real difference to our members’ retirement savings,” Sommers said.
Sommers was most recently head of alternatives and derivatives at Frontier Advisors for seven years where he led a team covering research and specialist advice to clients on derivative strategies, alternative investments, risk management, and portfolio construction.
Prior to this, Sommers was executive director at Canadian Imperial Bank of Commerce in London, and held senior market and credit risk roles at HBOS Treasury and Lloyds.
Commenting, HESTA chief investment officer, Sonia Sawtell-Rickson, said: “With over 20 years’ experience in financial services, Michael has a proven track record in portfolio construction, derivative and alternatives strategies and risk management that will complement the skills and capabilities of our existing Investment team talent. I’m thrilled to welcome him to the team”.