(Pictured: Jo Townsend)

Jo Townsend, the general manager, investments, at REST will become the new chief executive of Funds SA after a search, replacing the CFO, John Piteo, who had been acting in the top job since Richard Smith retired in January.

For REST, Townsend’s departure in April will be the second loss of a senior executive to the chief executive role at a smaller fund within the past six months. Paul Sayer, REST’s former COO, left last October to become chief executive of TWU Super. Townsend was also acting COO of REST following Sayer’s departure.

Funds SA has about $24 billion in funds under management for various South Australian government authorities but is a much less complicated fund than REST with its two million members and range of investment options.

It appears that Townsend will also act as CIO for the fund, as did her predecessor Smith. She is due to start the new job on April 20.

Townsend had been at REST for about eight years. Prior to that she held investment roles at NGS Super and the RBF of Tasmania. She was also a portfolio manager at one of Australia’s early fixed interest boutiques, Value Capital.