Amy Bainbridge and Richard Henderson
AustralianSuper is recruiting for a rare chance to direct roughly $400 billion in global assets at the nation’s largest pension fund.
The chief investment officer role oversees a team of about 400 people across New York, London, Beijing and Melbourne. Mark Delaney, 66, who is leaving after more than two decades at AustralianSuper, will stay in the role until June while his successor is found.
AustralianSuper, the 17th-largest pension fund globally, is among the fastest-growing in the nation’s $4.5 trillion industry. Since taking its current shape in 2006, Delaney has overseen growth in member assets to $400 billion from $20 billion. Before that, he led the Superannuation Trust of Australia, which merged with another fund to become AustralianSuper.
Potential internal candidates for the role could include deputy CIO Damian Moloney, asset allocation head Alistair Barker, Australian equities chief Shaun Manuell and head of fixed income & currency, Katie Dean. A spokesperson for AustralianSuper declined to comment.
“It’s such a big gig, not just in Australia but globally,” said Ian Fryer, general manager of Chant West, a research firm. “I’m fascinated to see how that will play out,” he said of the recruitment process.
‘This will be a hotly contested position, and they will have interest from all over the world.’
Association of Superannuation Funds of Australia CEO Mary Delahunty
Fryer said there is a “definite culture that any external candidate would need to get their head around.”
Based in Melbourne, Delaney was paid $1.2 million in the most recent financial year, the fund’s annual report showed. The coveted role gives the individual a large sway in capital markets and access to highly competitive deals within Australia and overseas.
The base salary for the California Public Employees’ Retirement System chief investment officer was reported by the fund as $US718,000 ($1.1 million) in April 2024. Underscoring the global competition for top investing talent, CalPERS last year hired Stephen Gilmore from New Zealand’s sovereign wealth fund as chief investment officer to run its huge portfolio.
“We’ve got a fair bit of bench strength, but we’ll look externally too,” AustralianSuper Chief Executive Officer Paul Schroder told the Australian Financial Review.
Delaney’s departure means two of the top CIO roles in Australia are open. In September, Australia’s Future Fund announced the departure of Ben Samild, its chief investment officer, to the Abu Dhabi Investment Council.
Two other large funds recently appointed domestic candidates to fill CIO roles. In October, Aware Super appointed Simon Warner as its new investment chief after two years at the pension fund, while Rest Super recruited Michael Clancy.
Delaney’s replacement will enter a retirement savings system in growth phase. Australia is set to become the second-largest country by pension assets after the US within a decade. Still, it’s facing challenges – including shifting millions of Australians into retirement in the coming years.
“This will be a hotly contested position, and they will have interest from all over the world,” said Association of Superannuation Funds of Australia CEO Mary Delahunty. AustralianSuper will “also have some really good talent to choose from internally and I imagine this is possibly for some people, the job of a lifetime.”
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