AustralianSuper to triple global team over three years

Mike Taylor

Managing Editor/Publisher, Financial Newswire

29 June 2023

Australia’s largest industry superannuation fund, AustralianSuper, has confirmed it wants to have 75% of its members’ money managed in-house within the next 10 years.

What is more, the big fund is flagging its intention to invest more of its funds offshore and to triple its global team over the next three years.

Announcing a key adjustment to its in-house investment leadership, AustralianSuper chief investment officer, Mark Delaney also pointed to the fund’s assets under management to grow by almost $300 billion to over $500 billion over the next four or five years.

That leadership adjustment sees the promotion of London-based Damian Moloney to become AustralianSuper’s chief investment officer meaning that he will continue to have responsibility for the fund’s international offices noting that this would include global responsibility for strategy and oversight for the investment group.

Delaney described Moloney as a playing a pivotal role in developing and implementing AustralianSuper’s model for investing and operating globally in an integrated and efficient way.

“We expect the global team to grow from the current 100 staff to around 300 over the next three years, with around 130 in New York and 160 in London and a small team in Beijing,” he said.

AustralianSuper currently has around half of its around $300 billion invested outside Australia, with around $85 billion invested in the United States and almost $40 billion invested in the United Kingdom and Europe.

Moloney said that with more of AustralianSuper’s asset managed internally and invested overseas he was looking forwards to working with the team across the grow to efficiently grow the fund’s footprint and operations.

Moloney joined AustralianSuper in 2018 after having served as the chief executive of Frontier Advisers and IFM Investors.