Australia’s biggest pension fund is seeking its first Japanese and Indian stock managers as it builds out its externally managed portfolios to send more money offshore.
AustralianSuper Pty also wants to mandate more cash more China A-shares managers, as it increases externally-managed assets to A$80 billion ($57 billion) “over the next few years,” up from A$50 billion currently, the A$260 billion pension fund said in a statement.
“AustralianSuper is committed to a hybrid approach where our internal equity teams are complemented by high quality external managers,” head of external managers Joseph Wahba said. “Our aim is to create substantial capacity with the best managers without compromising on quality.”
The push comes as AustralianSuper plans to almost double in size to A$500 billion by 2026, building out offices in London and New York as it ultimately expects to have two-thirds of its portfolio invested outside Australia.
The fund has expanded its asset manager selection team to help the growth. It’s hired Matthew Moore from Aware Super, Rachel Mohr from asset consultant Frontier and Denise Yeong from Victorian Funds Management Corporation to help select the managers.
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