Brighter Super CEO named FEAL executive of the year

Brighter Super’s chief executive, Kate Farrar, has been named the 2024 Fund Executive Association Limited’s (FEAL’s) Fund Executive of the Year at the awards dinner held in Melbourne.

Farrar was recognised by the association for her “exceptional vision, drive and courage” at the head of Brighter Super during significant periods of change and growth, including its inception out of the 2021 merger between LGIAsuper (of which Farrar had been the CEO since 2018) and Energy Super.

As winner of the award, Farrar was also the recipient of a $30,000 education grant sponsored by QIC, which allows her to participate in an executive education program at an international business school of her choosing.

“As CEO of Brighter Super, Kate embarked on a strategic plan over several years that was aimed at expanding the fund and enhancing member services, which led to an increase in both membership and the fund’s assets,” FEAL Chairperson, Brian Delaney, said.

:After completing two mergers, including the first acquisition of a retail fund by an industry fund, she has introduced a unique ’boutique at scale’ model to achieve organic growth and benefits for Brighter Super members. Leveraging technological efficiencies post the mergers has enabled Brighter Super to deliver additional value to their members.

“Benefits such as an adviser portal to support 1,300 independent financial advisers for personalised advice, reduced member fees for some members by up to 70%, and improved investment returns, ranking in the top five for industry funds in FY23.

“Her commitment to innovation, high-quality services, and cost reduction has supported a promising future for the fund and tangible benefits for its members.”

The award, of which Farrar is the 23rd recipient, is presented annually at the FEAL Members’ Dinner.

“It’s a tremendous endorsement of the strategy and work of the team at Brighter Super, who have tirelessly delivered on our program of transformation and growth, realising the benefits of our mergers for our members,” Farrar said.

“Delivering strong performance, low fees and personal advice and support to help our members retire with confidence.”

Other awards presented on the night included the AIA Australia-sponsored Michael Dwyer Leadership Scholarship which was awarded to Mark Lyons, Chief Capability Officer at Care Super and the Iress-sponsored MBS Masters Program Scholarship, which was awarded to Alana Scheiffers, General Counsel at Commonwealth Superannuation Corporation.

“As the proud sponsor of the FEAL Fund Executive of the Year Award, we congratulate Kate on receiving this honour in recognition of her dedication to providing excellent service to members and contributing to innovation in the super industry more broadly. Her leadership embodies the spirit of the award,” Kylie Rampa, CEO at QIC, said.