AusSuper delivers significant growth ‘milestone’ in intl expansion

AustralianSuper has announced three new high-calibre additions to its London-based international equities team, as the super fund moves to internalise management of the critical asset class.

The new appointees were hailed for their “best-in-class investment capability and active management expertise” in the international equities space – AusSuper’s single largest asset class allocation and one which the super fund is increasingly looking to manage in-house.

Steve Kelly, who will serve as co-head of AustralianSuper’s high growth global equities strategy, joins the super fund after a nearly three-decade career at AXA Investment Managers.

Based in AXA’s London office, Kelly is a US equities specialist, overseeing AXA’s American growth and US responsible growth funds.

Working alongside Kelly as co-head of AusSuper’s high growth global equities strategy is Anu Narula.

Narula joins the super fund after a decade with Swiss giant Mirabaud Group, as part of its active asset management arm. In 2020 he was appointed head of equities, and then partner in 2022, overseeing the firm’s Sustainable Global funds.

Narula is also a fellow AXA IM alum, having previously overseen global funds for the firm, which followed earlier stints at Cadwyn Capital and Aviva Investors, where he began his career.

Finally, Colin Moar joins as AusSuper’s senior portfolio manager of technology equities, with specialist oversight of a technology-orientated portfolio of global equities.

Moar joins AustralianSuper from global investment giant Barings where he was a director and investment manager in the technology sector team.

He boasts more than 25 years’ investing experience in global equities and technology funds, having previously worked at Polar Capital Partners, RWC Partners, HSBC Asset Management and Aviva Investors.

AustralianSuper’s head of international equities Mark Hargraves welcomed the “high calibre appointments” which he said would provide a “springboard to further growing our global equities platform”.

Hargraves added: “We believe this enhanced in-house capability and commitment to active management will reduce costs and help generate sustainable long-term performance for 3.4 million members.”

International equities are a key priority area for AustralianSuper, with nearly one-third of total members’ assets ($110 billion out of a total $342 billion in AUM) allocated to non-Australian shares.

Currently, only around one-third of its international equities portfolio is managed internally – a figure AustralianSuper says it plans to increase to a “significant majority by 2030”.

As well, the super fund is expected to deploy almost 70% of new inflows into global markets. By 2030, around 70% of all member assets are expected to be internally managed by its investments team.

By shifting resources in-house, the super fund hopes to “create greater cost efficiency at scale and generate stronger returns to the benefit of members”.