Australia’s largest super fund AustralianSuper announced on Thursday the split of its Australian equities team from international equities and private equity, resulting in the departure of head of equities Justin Pascoe.
The Australian equities team will be carved out as a standalone led by Shaun Manuell, head of Australian equities. While the international equities and private equity teams will be separately managed with a new head to be appointed. In the interim, Michael Stavropoulos will perform the role in an acting capacity.
Pascoe has been with AusSuper since 2019. He was previously chief investment officer at Victoria Funds Management Corporation.
AusSuper is also merging its total portfolio management, asset allocation and research teams, headed by Alistair Barker, head of asset allocation. Barker has been with the fund since 2008.
Carl Astorri, presently head of asset allocation and research, will return to the UK to take up a new role as head of investments Europe as AusSuper expands its offshore asset base.
AusSuper has created a new role of chief liquidity officer and will go to market to fill the position externally. Meanwhile Joris Hillmann, currently head of capital markets, will be taking on the role in an acting capacity.
The $250 billion super fund expects to double its asset base in the next five years and “will continue our internalisation strategy, increase our deployment of funds globally and look for new and innovative ways to deliver returns and drive down costs for members,” said CIO Mark Delaney in a statement.