Legalsuper CIO steps down

Norman Zhang, chief investment officer at legalsuper, is set to depart the fund after three and a half years to pursue a new role. 

Legalsuper CEO, Luke Symons, confirmed Zhang will be leaving in December to pursue a new role with investment manager Koda Capital.

Koda offers services in structuring and tax, investment strategy, family leadership and philanthropy. 

“Norman and his team have worked diligently and strategically, particularly over the past three highly volatile years, to maintain legalsuper’s strong, long-term record of investment performance, and we wish him well as he pursues a different career path in this next stage,” Symons said.

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The $5.4 billion fund will now commence a search for a new CIO alongside its search for a chief financial officer, a newly created role for the fund.

“We are well progressed with our search for the newly created role of chief financial officer to support our growth agenda and now look forward to appointing a new chief investment officer to play a key role in building on our demonstrable strengths in delivering strong, net investment returns and providing excellent members services and support,” Symons added.

Prior to leading investment at legalsuper, Zhang spent almost two and a half years in a similar role at the $6.5 billion fund Media Super. His experience includes almost six years as an investment consultant at Frontier Advisors. 

Commenting on his departure, Zhang said: “I want to firstly say that legalsuper is a fantastic organisation, led by a strong board and executive team, and one that is 100 per cent focused on its members and their retirement outcomes. legalsuper is an organisation that is prepared to innovate and make long-term decisions for the benefit of the members. 

“I want to personally thank the board, the staff, and specifically Kirsten Mander (chair of board), Richard Fleming (investment committee chair) and Luke Symons for their support and leadership over the years.”

As well as the loss of its CIO, chief operating officer Trevin Erichsen announced in August that he will be departing the fund. 

Erichsen joined legalsuper in October 2022 as COO and also worked as interim CEO for seven months after the departure of Andrew Proebstl at the end of 2022 after 20 years.

The fund went on to appoint Symons as CEO in April 2023.