Big investment team changes at AustralianSuper

Mike Taylor

Managing Editor/Publisher, Financial Newswire

15 December 2022

Australia’s largest industry superannuation fund, AustralianSuper has announced key changes to its investment leadership team, including the departure of Head of Equities, Justin Pascoe.

The changes will also see the fund’s Total Portfolio Management and Asset Allocation and Research teams brought together into one team led by Head of Asset Allocation, Alistair Baker, who is currently Head of Total Portfolio Management.

The fund said the change would streamline its portfolio strategy and asset allocation activities and implement decisions over the short, medium and long term.

It said that in addition to Barker’s change of role, current Head of Asset Allocation and Research Carl Astorri would be returning to the UK to take up a new role as Head of Investments Europe supporting an expanding UK-based Investment Team as part of the fund’s globalisation strategy.

Acknowledging the important role that managing liquidity plays in delivering on our purpose for members, the Fund has also introduced a new Chief Liquidity Officer position. This role will shortly be advertised in market, with Head of Capital Markets Joris Hillmann to be Acting Chief Liquidity Officer.

The announcement said that, in other changes, the Australian Equities Team will become a stand-alone function, reflecting the unique characteristics of this market and the size of the portfolio and internal management capability. This team will continue to be led by Head of Australian Equities Shaun Manuell.

The internal team now actively manages $57 billion of the $65 billion the Fund has invested in the Australian equity market.

The Fund’s International Equities and Private Equity Teams will form another stand-alone group with a new head of function to be appointed. Michael Stavropoulos will act as Head of International Equities in the interim.

“These changes mean that Head of Equities Justin Pascoe will be leaving the Fund, after nearly 3.5 years,” it said.

“Today’s announcements are part of a broader organisation review, to ensure the Fund is best placed to manage its expected growth over the next decade continue to deliver on its purpose to help members to achieve their best financial position in retirement,” the announcement said.