Mine Superannuation Fund has announced its group chief executive, Harry Mitchell, will step down from his role to lead Recreo Financial, which is looking to merge with Certane Group.
Mine Super was a major shareholder of the cloud-based platform and its chair, Grahame Kelly, said Mitchell would lead Recreo in its next stage of growth to deliver better outcomes for Mine Super members.
“Harry has been a transformational leader during his time here at Mine Super and the Board is pleased with his accomplishments as group CEO,” Kelly said.
The fund’s group deputy chief executive, Vasyl Nair, had been appointed as acting group chief executive until 30 June, 2022, while a process to replace the CEO role would be conducted by the board.
At the same time, corporate and superannuation trustee, Certane Group and Recreo announced they were to merge and had signed a binding term sheet.
In an announcement, the firms said they expected to complete the transaction before the end of May, subject to customary conditions.
Certane chair, Lindsay Tanner, said the merger would align with Certane’s strategy of investing in technology-enabled financial services that delivered greater transparency and customer outcomes.
“We believe the combination of our respective next generation technology solutions has the potential to transform the provision of services to the financial services industry,” Tanner said.
“Existing platforms are using outdated technology that presents various challenges, including meeting increasingly complex regulatory requirements. The industry is sagging under the weight of incumbent infrastructure and needs to better harness technology to deliver improved member outcomes.”
Kelly said the merger would create more investment in the functionality of the platform to deliver better user experience and lower the costs which would attract other super funds looking for modern technology solutions.
Recreo was a cloud-based scalable platform that could serve all super and funds management segments. Certane currently provided trustee services to 26 super funds.