Big super raids investment banks in London
Industry superannuation giant AustralianSuper has poached several seasoned investment management executives from British banks and fund managers for its chase into new markets.
The $300 billion fund plans to triple its overseas headcount to 300 over the next three years, with London specifically set to jump from 80 to 200 staff, in a bid to get in onlucrative private equity and infrastructure deals earlier.
It was the first Australian fund to move overseas seven years ago, but others are planning similar things as the $3.5 trillion sector outgrows local markets.
Experts warn that super funds may struggle to lure top talent away from high-profile, high-salary investment managers. But AustralianSuper announced on Tuesday it had appointed local staff in London from the likes of JPMorgan, BNP Paribas and Macquarie.
JPMorgan stalwart John Normand will join as head of investment strategy after 24 years at the investment bank, most recently as head of cross-asset strategy before taking a study break during the pandemic.
Sujay Shah will head AustralianSuper’s internal government portfolios, after working at Tesco Pension Fund, the Bank of England, BMO and Goldman Sachs. He will manage both UK and Australian government bonds as the super fund drastically increases its exposure to the asset class.
Risk management veteran Willian Manfield is joining as head of group risk from BNP Paribas and Amanda Mitchell will head corporate affairs for Europe after holding the same role at Macquarie.
Deborah Gilshan will head ESG and stewardship for Europe after more than 18 years at institutional investors such as Aberdeen Standard, Railpen and the UK’s Co-operative Insurance Society.
The super fund has beentrying to grow its local staff,
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