By Lewis Jackson
SYDNEY (Reuters) – Australia’s largest pension fund, AustralianSuper, has appointed senior executives to its London office as part of the rapidly growing fund’s push to expand its presence overseas.
The A$300 billion ($201.39 billion) fund on Tuesday appointed six executives to investment, risk and corporate affairs roles, including Carl Astorri to Head of Investments, Europe; and John Normand, formerly head of cross-asset strategy at J.P. Morgan, to Head of Investment Strategy.
Deputy chief investment officer Damian Moloney, who is based in London, said the office was an “important investment engine” for AustralianSuper.
“We’re building a high-calibre and experienced team in London to ensure the Fund is strategically positioned in a market that will create many opportunities to generate excellent long-term returns for members,” he said in a statement.
Australia’s A$2.4 trillion pension sector is increasingly looking overseas to invest as local markets struggle to absorb the cash generated by the country’s retirement programmes, which set aside 11% of a worker’s salary.
AustralianSuper expects to grow to A$500 billion in member assets within five years and will deploy roughly 70% of its inflows to global markets. Half of the fund’s assets are invested outside Australia, with just over a tenth in Europe.
The fund plans to triple its global team to 300 within three years, spread across its London and New York offices plus a small contingent in Beijing.
($1 = 1.4896 Australian dollars)
(Reporting by Lewis Jackson. Editing by Gerry Doyle)