Aware Super has axed TelstraSuper’s entire investment team as a result of the two funds’ ongoing merger, including acting chief investment officer Kate Misic, according to two sources with knowledge of the matter who spoke on condition of anonymity. While no roles have yet been lost, they will not carry across to Aware upon completion of the merger. Misic was approached for comment. 

Investment Magazine understands that there are a number of open roles at Aware, and that some TelstraSuper staff may be in the process of applying for them, but that no guarantees have been given. 

The merger between Aware and TelstraSuper, which is set to complete towards the end of this financial year, will create a pension player with around $230 billion in assets under management.  

A TelstraSuper spokesperson confirmed to Investment Magazine that “some roles are not required in the new operating model”. Investment Magazine understands that there are also significant headcount reductions across departments including investment operations and legal, though some contact centre roles will be preserved. TelstraSuper did not confirm the scale of cuts in other departments. 

“As Aware Super already has more than 150 investment professionals both in Australia and the UK and an established operating framework, the decision was made not to duplicate TelstraSuper’s investment functions,” the TelstraSuper spokesperson told Investment Magazine. 

“All affected TelstraSuper employees have been consulted and provided with appropriate support. TelstraSuper employees are also able to apply for vacant roles at Aware Super and are considered internal candidates should they choose to do so.” 

The redundancies come amid reshuffles at the top of Aware Super’s own investment team. As Simon Warner stepped into the investment chief role in October 2025, replacing Damian Graham, the previous head of portfolio management position he held was made vacant. Three months later, the fund announced another senior departure in deputy CIO and head of international Damien Webb, who will join Brighter Super as its investment head. 

TelstraSuper gave up on a so-called merger of equals with Equip Super in May 2025. The reason for the termination remains unclear but, at the time, TelstraSuper cited unspecified objectives that it believed could not be achieved in members’ best financial interests after due diligence.  

Aware Super’s new CIO Simon Warner will speak at the upcoming Fiduciary Investors Symposium in the Blue Mountains between 12 – 14 May 2026. The conversation will explore the realities of operating within an increasingly visible and closely examined sector, delving into management style, decision-making frameworks and how long-term investment discipline can be maintained through short-term noise.