AustralianSuper has brought together its Total Portfolio Management and Asset Allocation & Research teams under one team, which will be led by Alistair Barker.
Barker has been appointed as Head of Asset Allocation of AustralianSuper. Previously, he was Head of Total Portfolio Management at the fund.
The fund’s current Head of Asset Allocation & Research, Carl Astorri, will be returning to the United Kingdom to take up a new role as Head of Investments Europe.
As part of the changes, AustralianSuper has also decided to split its equities team in two. The Australian Equities Team will now act as a standalone function, which reflects the move by the fund to manage Australian equities predominantly in-house.
The internal team now actively manages $57 billion of the $65 billion the fund has invested in the Australian equity market. This team will continue to be led by Shaun Manuell, the current Head of Australian Equities. Manuell joined the fund in 2013 to develop its internal Australian equity capability.
The International Equities and Private Equity Teams will make up another standalone group and a new head will be appointed in due time. Michael Stavropoulos will act as Head of International Equities in the interim, the fund said.
As a result of the changes, the role of Head of Equities is no longer required, which means that Justin Pascoe will be leaving the fund after nearly 3.5 years. Pascoe joined AustralianSuper in June 2019 as Senior Portfolio Manager and was appointed to Head of Equities two years later.
Today’s announcements come after an extensive review of the Investments Leadership Team to ensure we have the right structure in place not just for today but to deliver for members in the long-term – Mark Delaney, CIO of AustralianSuper
AustralianSuper made the changes to streamline its portfolio strategy and asset allocation activities and implement decisions over the short, medium and long term. The changes are part of a broader organisational review which has also seen the fund create the new role of Chief Liquidity Officer, a decision that acknowledes the importance of managing liquidity for the fund.
Joris Hillmann, Head of Capital Markets of AustralianSuper, will be Acting Chief Liquidity Officer while the fund is recruiting for the role.
“Today’s announcements come after an extensive review of the Investments Leadership Team to ensure we have the right structure in place not just for today but to deliver for members in the long-term,” Mark Delaney, Chief Investment Officer of AustralianSuper said.
“AustralianSuper is forecast to increase its member assets under management to $500 billion in the next five years. As we grow, we will continue our internalisation strategy, increase our deployment of funds globally and look for new and innovative ways to deliver returns and drive down costs for members.
“These important changes lay the foundation for this future and leave us well placed to manage the challenges of today and the opportunities of tomorrow,” Delaney said.
He thanked Justin Pascoe for his contribution to the fund and members over the past years.
“He has been an important member and contributor to the Investments Leadership Team. He was instrumental in accelerating the internalisation of our equities portfolio and rapid expansion of our Private Equity capability, including building out our Private Equity Team in New York,” Delaney said.
For an in-depth interview with Peter Curtis, Chief Operating Officer of AustralianSuper, about the fund’s internalisation process, please click here.
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