JANA to consult on VIC construction industry’s long service scheme

Yasmine Raso

Senior Journalist

18 October 2024

LeavePlus, the portable long service leave scheme for Victorian construction industry workers, has selected JANA Investment Advisers as its asset consultant.

Formerly known as CoINVEST prior to its rebranding in 2023, LeavePlus manages the $2 billion portable long service leave scheme tailored to the 280,000 Victorian construction industry workers from over 25,000 employers, allowing them to take their leave entitlement from employer to employer given the highly mobile nature of work.

The partnership will see JANA work to support the generation of strong investment outcomes for LeavePlus.

“Our top priority is safeguarding the financial security of our members,” Craig Bell, LeavePlus chief executive, said.

“Selecting JANA as our asset consultant ensures we have a partner with deep expertise in liability-driven investment strategies, enabling us to continue delivering on our promise of sustainable, well-managed long service leave benefits for Victorian construction workers.

“This partnership is a significant step in reinforcing our commitment to members and navigating the complexities of today’s investment landscape.”

JANA began its appointment as asset consultant for LeavePlus from 8 October.

“In today’s volatile market environment, liability-aware investors benefit from being equipped with carefully considered, well-diversified investment portfolios and an in-depth understanding of the interaction between the assets and liabilities on their balance sheets,” Greg Wilkinson, Head of Insurance Strategy at JANA, said.

Ensuring that JANA’s insurance and liability-driven client team includes a number of investment professionals who are also liability-experienced, qualified actuaries, means that JANA is strongly positioned to assist liability-aware clients consistently achieve their investment and business objectives.”

Lewis Tassone, Chief Finance and Investment Officer at LeavePlus, said JANA’s appointment had followed a “thorough and robust procurement process”.

“By partnering with JANA, we ensure that our members’ funds are managed with the highest level of oversight and strategic
insight,” he said.

“JANA’s ability to combine top-tier investment advice with a deep understanding of liability management gives us confidence that we can deliver sustainable financial outcomes for the long-term benefit of our members.”