Aware Super engages global hunt for new CIO, with Graham eyeing exit

Aware Super has laid out its succession plan for long-serving chief investment officer (CIO) Damian Graham, with Australia’s third biggest super fund set to appoint a new CIO before the end of this year.

Graham, who has served as the super fund’s investment chief for more than 12 years (including its previous incarnation, State Super), will transition to Aware’s London office to serve as head of international.

In his new role, Graham will be tasked with driving the fund’s growth ambitions and building out its presence across the UK and continental Europe.

Aware further flagged the incumbent CIO’s prospective retirement within “the next few years” as part of a 12-month succession plan. He will remain as CIO before relocating to London at the end of this year.

Graham said he was “excited and invigorated” to continue with the fund and lead its global operations.

Aware, Australia’s third biggest super fund by assets (managing more than $190 billion) and fifth by membership, opened its first international office in London in late 2023, with a commitment to invest £5.25 billion (AU$10.9 billion) in the UK and continental Europe over five years. Already, Aware says, it has committed more than £2 billion (AU$4.2 billion) to this objective.

Current head of international, Damien Webb, who joined the new London office at its opening, will return to Sydney in late 2025.

Aware Super chief executive Deanne Stewart recognised Graham for his “outstanding contributions” to the fund, including his “instrumental role… in delivering consistently strong results for the benefit of our members”.

He was also noted for his considerable contributions to launching the fund’s international expansion strategy in 2023.

Among Graham’s highlights as CIO, as outlined by Aware, include the building out of the fund’s 150-strong in-house investment team, the launch of Project Odin, a three-year uplift program for its internal digital investment platform, and the recalibration of its investment strategy to a Total Portfolio Approach.

“We are absolutely delighted that Damian will stay with the Fund and has accepted this role as head of international to lead our global activities based out of London, which will further elevate our international profile and performance as we actively pursue our strategy as a global asset owner.”

Stewart added: “This carefully managed transition ensures Aware Super continues to benefit from Damian’s extensive investment experience as we continue to build our global presence and ensure we retain the Fund’s strong culture as we expand internationally.

Aware’s default High Growth fund has delivered 8.98% returns over the past 10 years, comparing favourably against the industry average of 8.5% (as at end of 2024).