Australia's largest superannuation fund, AustralianSuper, is building its in-house global equities team in Melbourne, and is on track to manage more than A$10 billion in international investments.
The fund is recruiting leading experts in global equities that will help the organisation develop its international stocks portfolio. The recruitment drive is aimed at experienced analysts from all around the world, who will be tasked with building a research process and investment model.
The decision to develop its global equities portfolio in Melbourne was due to its reputation as a leading city for liveability and professional services which makes attracting and retaining leading global financial and business talent an easier task. It also allows the analysts to work more closely with the AustralianSuper executive team to take advantage of significant international investment opportunities. The analysts are being recruited from all over the world, enhancing Melbourne's diverse and experience knowledge economy.
AustralianSuper head of equities Innes McKeand said, "We've been doing a lot of interviewing and building the team has not been the most straightforward assignment because, obviously, there are not many people in Australia who have experience in global equities."
The industry superfund is Australia's largest superannuation and pension fund that manages A$90 billion for over two million members. Like many superannuation funds, AustralianSuper has significantly raised its exposure to international equities over recent years, with over 36 per cent of its current funds in global equities.
Melbourne is home to six of Australia's top twelve superannuation (pension) funds and 60 per cent of all Australian industry superannuation (pension) fund assets are managed out of Melbourne. Melbourne is also home to Australia's sovereign wealth fund - the A$110 billion Future Fund - that is forecast to grow to A$150 billion in the next few years.