Australian Unity expands key portfolios to realise wellbeing purpose and value
The changes support the delivery of the organisation’s vision, announced in June this year, to realise its value as a modern mutual positioned to address some of the country’s most pressing social and healthcare priorities, and take effect from 3 October 2022.
Dedicated Social Infrastructure business
Australian Unity will centralise the management of its portfolio of retirement living and aged care properties into a newly-established Social Infrastructure business within the Wealth & Capital Markets platform. The resident-facing services will continue as usual.
This business will also be responsible for the organisation’s management and delivery of key social infrastructure assets—including the landmark $1.1 billion redevelopment of Herston Quarter in Brisbane and the growth of Australian Unity’s social infrastructure funds, including specialist disability accommodation, student accommodation and childcare property.
Mr Ryan Banting will lead this business in the newly-created role of Executive General Manager—Social Infrastructure. Over the last ten years Mr Banting has been instrumental in the founding and growth of Australian Unity’s social infrastructure business and is well positioned to realise the opportunities ahead.
Focused Funds Management business
Wealth & Capital Markets’ funds management activities will be centralised to form Australian Unity Funds Management—to be led by Dr Joe Fernandes, Chief Investment Officer and Executive General Manager—Funds Management.
Collectively responsible for more than $15 billion in funds under management, this dedicated business will include Wealth & Capital Markets’ investment capabilities in healthcare and commercial property, mortgages, Australian equities, Australian fixed interest, Australian emerging companies and multi-asset class solutions. Dr Fernandes will retain responsibility for the management of the Australian Unity Group’s proprietary asset portfolios.
After leading the growth of Australian Unity’s property business over the past decade, including the successful bid and delivery of the Herston Quarter redevelopment, Mr Mark Pratt will leave his role as Executive General Manager—Property. He will continue with Australian Unity until the end of March 2023.
Mr Rohan Mead, Group Managing Director for Australian Unity, said the changes were an important part of the mutual’s evolution to meet changing community needs.
“Our ageing population, coupled with the rise in chronic disease and complex health needs, means we must continue to adapt to better support all Australians,” Mr Mead said.
“Australian Unity plays a unique and valued role in the community, and these changes put us in a strong position to deliver wellbeing outcomes for members, investors, and our broader society”, he said.
Ms Esther Kerr-Smith, Chief Executive Officer—Wealth & Capital Markets said the changes directly align with the Group’s vision and will support and empower our people to deliver the products and services that will make the most difference to our members, customers, and communities.
“I also acknowledge and thank Mark Pratt for his dedication, leadership and significant contribution to the success of the Wealth & Capital Markets business and the broader Australian Unity Group over an extended period.”
About Australian Unity
Established in 1840, Australian Unity is a member-owned wellbeing company with 260,000 members and more than 700,000 customers. Our range of health, wealth and care products and services provides member, customer and community value that is supportive of personal and community wellbeing. www.australianunity.com.au