Spencer Young, the founder of the $2.5 billion listed hedge fund-of-funds group HFA, has stepped down as chief executive, being replaced by a newcomer to the company, Paul Jensen.
Jensen, a New Zealander, has extensive general management experience in financial services. He commenced at HFA earlier this month, but is currently on leave until January. His appointment followed a four-month search, after Young indicated he wanted to relinquish day-to-day responsibilities. Young was one of the big beneficiaries of HFA’s successful listing this year, with his investment being valued at the time at more than $60 million. He will remain on the HFA board.
As the $100 billion Cbus Super continues its push to 50 per cent internal management, deputy chief investment officer Leigh Gavin says the fund applies the same benchmarks to its internal team as to external managers – and the same pressure to perform.
Simon HoyleApril 28, 2025
