The Job of a Lifetime: Australia's Biggest Super Fund Hunts for a New Investment Chief
AustralianSuper, the nation's largest pension fund, is on the hunt for a new chief investment officer, a role that comes with the responsibility of directing roughly $400 billion in global assets. This is a rare opportunity that has sparked interest from around the world, as the successful candidate will have a significant impact on the fund's investment strategy and performance.
The current CIO, Mark Delaney, is stepping down after over two decades with the company. Delaney has been instrumental in growing the fund's assets from $20 billion to $400 billion since 2006. He will remain in the role until June while a successor is found.
The search for Delaney's replacement is wide-ranging, with potential internal candidates including deputy CIO Damian Moloney, asset allocation head Alistair Barker, Australian equities chief Shaun Manuell, and head of fixed income & currency, Katie Dean. The fund's spokesperson declined to comment on the matter.
Industry experts, such as Ian Fryer from Chant West, highlight the significance of the role, stating that it is a 'big gig' not only in Australia but globally. Fryer also notes the unique culture within AustralianSuper that any external candidate would need to adapt to. The base salary for the role is substantial, with Delaney earning $1.2 million in the latest financial year.
The competition for top talent in the investment field is fierce, as evidenced by the recent hiring of Stephen Gilmore by CalPERS from New Zealand's sovereign wealth fund. AustralianSuper's CEO, Paul Schroder, acknowledges the fund's strong internal talent pool but also welcomes external candidates.
The departure of Delaney coincides with another high-profile exit in the Australian investment community. In September, Ben Samild, the CIO of Australia's Future Fund, joined the Abu Dhabi Investment Council. Additionally, two other large funds have recently appointed domestic candidates to fill CIO roles, further underscoring the competitive landscape.
The new CIO will take on a critical role in a rapidly growing retirement savings system. Australia is poised to become the second-largest country by pension assets within a decade, but it also faces challenges, including the need to support millions of Australians as they transition into retirement.
As Association of Superannuation Funds of Australia CEO Mary Delahunty notes, the position will attract global interest, and AustralianSuper will have a talented pool of internal candidates to choose from. This role, she suggests, could be the job of a lifetime for the right person.
