The US firm is a subsidiary of Allianz, which also has Australian offices for its other funds management subsidiaries, PIMCO and RCM, so it may decide to try and use those affiliates to service Nicholas Applegate clients.

Nevertheless, what may well emerge from general funds manager contractions is the view that US or UK managers need an Australian presence not so much to make sales or to provide client service in person rather than via email. They may need an Australian presence to better understand their Australian clients.

Super funds are different to US or UK pension funds. Australia has the highest proportion of defined contribution (DC) funds in the world. But Australian funds are far more sophisticated than other countries’ DC funds. In the US, for instance, DC funds resemble plain vanilla retail-style master funds. They have little or no alternatives exposure, nor any overlay management or even derivatives usage.

The investment strategies of Australian super funds most resemble a cross between US endowments and US or UK defined benefit pension funds.

But Australian funds still have other considerable differences. The Superannuation Guarantee means that they do not have serious liquidity problems, even during a global financial crisis. Super funds invest more internationally than their US counterparts. And the Australian dollar is volatile. Whether or not to hedge the currency and by how much is a big decision for super funds.

The Australian market is changing too. Previously it was considered a heavily advised market where asset consultants were of paramount importance. Increasingly, nowadays, super funds are picking and choosing the advice they receive, with growing internal staffs to both monitor investments and even come up with original ideas.And then there are always the personalities that go to make up the trustees and fund executives in any market.