Damien Webb has swapped out rainy London for the Sunshine State as he returns to Australia to take up the CIO role at the $37 billion Bright Super after more than two years at the helm of Aware Super’s UK operations.

While Webb will be based in Sydney, the majority of Brighter Super’s team works out of its Brisbane office and over $1 billion of its portfolio is invested in Queensland, where the bulk of its members live.

Webb has been with Aware Super for more than a decade, most recently as its deputy chief investment officer and head of international. He spearheaded the fund’s expansion into London – its first international office, opened with much fanfare – and oversaw the growth of its portfolio in the UK and Europe, which is expected to reach $27 billion in 2028.

His departure came after Aware Super selected Simon Warner to replace long-time CIO Damian Graham after his departure from the fund in October last year.

In the new role, which starts in April, Webb said that he will focus on joining Brighter Super’s local focus with global perspectives. Webb replaces Mark Rider, who stepped down in December last year after four years at the fund.

“While Brighter Super has a strong focus on investing in Australia and Queensland, a significant portion of members’ assets are invested offshore, and experience in international markets, governance and portfolio construction is increasingly important,” Webb said in a press statement.

“Bringing that global lens to asset allocation, risk management and opportunity selection will be critical in navigating what is clearly a challenging and fast-changing world.”

During his time at Aware UK, Webb also built out the fund’s direct investment capabilities in real estate, infrastructure and credit income. Prior to superannuation, Webb spent over a decade in Perpetual and six years in ING.

Webb said he sees opportunities to enhance data and technology usage in Brighter Super’s investment process.

“The objective is to build on the existing strategy, lift performance where we can, and ensure members’ savings are managed in a way that delivers strong returns, reflects their values, and supports investment in Queensland and beyond.”

Brighter Super CEO Kate Farrar said Webb will elevate the fund to its “next stage of growth and maturity”.

“Damien’s expertise will augment our existing exceptional investment team and governance framework with even more investment strategy and experience and continue to support our investment into Queensland through our Queensland Asset Strategy,” she said.

In 2024, Brighter Super committed to investing a further $500 million in Queensland within three to five years. Most recently the fund allocated $50 million in the state’s start-up ecosystem via a mandate with QIC and $75 million in local agriculture and water assets via Riparian Capital Partners.

The difference in investment management approach could also take some getting used to for Webb. Around 35 per cent of Aware Super’s investments are managed in-house, while Brighter Super entrusts most of its assets with external managers. 

Webb’s appointment marks yet another case where a super executive swapped their gig at a mega fund for one at a smaller player, following former Rest CIO Andrew Lill’s appointment as Legalsuper’s investment chief. Brighter Super’s interim CIO David O’Donnell will become deputy CIO once Webb commences.