Vanguard Australia's pension fund chief resigns

It had said at the time fees for the default option would be the lowest in the Australian pension market for younger members and those with balances of less than A$50,000 ($34,730), eyeing the country's A$3.3 trillion savings pool.

Vanguard Australia said on Tuesday the head of its pension business has decided to resign, nearly three months after leading the launch of a low-fee pension fund in Australia. Michael Lovett will leave the firm at the end of February, the world's second-largest fund manager said, without specifying a reason for his departure.

"With the fund now up and running, Michael plans to take some time out before moving on to the next chapter in his career," Managing Director Daniel Shrimski said in a statement. Succession plans "are well progressed" and Vanguard will give more details soon, he added.

Vanguard Super opened in November with 12 products, including a default "Lifecycle" fund that gradually shifts a member's holdings into more conservative investments as they age. It had said at the time fees for the default option would be the lowest in the Australian pension market for younger members and those with balances of less than A$50,000 ($34,730), eyeing the country's A$3.3 trillion savings pool. ($1=1.4397 Australian dollars)

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