Australia’s superannuation funds have nearly the highest proportion of internal asset management in the world, but there’s plenty of questions hanging over the practice even as funds push into more expensive niche asset classes.
The retirement chief of the $335 billion AustralianSuper, who was “instrumental” in delivering a slew of member experience uplifts across a 17-year stint with the fund, will leave this month to establish a new venture.
Cbus finds a new infrastructure chief
Jordan Kraiten joins Cbus after leading the infrastructure portfolio at Hostplus for 11 years, prior to which he worked at Macquarie Bank. The hire follows the appointment of Alexandra Campbell, the previous infra head, to the role of deputy CIO and head of private markets.
“Jordan is highly respected across the infrastructure sector having built a diversified portfolio of quality assets that have delivered strong results for Hostplus members throughout his tenure,” Campbell said. “With around $85 billion in FUM, Cbus is a leading super fund for infrastructure investment in Australia. It’s an exciting time at Cbus following the release of our new five-year investment strategy, which continues to focus on driving strong long-term performance.”
That five-year strategy will see the fund try to internalise up to 50 per cent of its assets (up from around 40 per cent today) as well as eschewing overseas offices in favour of partnering with international managers and doubling down on internalisation where it feels it can build effective capabilities. Mainstream asset classes like debt and equities have been easier to bring in-house, but the fund anticipates that it will continue to partner with overseas managers for big private markets deals.
“With the strategic aim of managing over 50 per cent of our assets internally, Jordan’s appointment provides a dedicated resource to lead our high calibre infrastructure team as we optimise the portfolio and drive greater value from both new and existing assets, both locally and globally,” Campbell said.
