(Bloomberg) -- Australia’s biggest pension fund hired three senior investment managers to expand its international equities team in London.
AustralianSuper tapped AXA Investment Managers’s Steve Kelly to co-head high growth global equities alongside Anu Narula, who is joining from Mirabaud Asset Management, according to a statement on Wednesday. Colin Moar, formerly of Barings, has joined as senior portfolio manager for technology stocks.
Chief Executive Officer Paul Schroder told Bloomberg in March that AustralianSuper was planning to run its global equities team out of the UK capital.
The fund, which manages about £180 billion ($226 billion) for members, employs about 100 people in London and aims to triple that number by 2030.
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AustralianSuper is the biggest fund in Australia, where the industry’s total assets under management tipped over A$4 trillion ($2.6 trillion) for the first time. Other large players including Aware Super and Australian Retirement Trust have also been expanding their footprints offshore. About half of the Australian industry’s investments are in overseas markets.
About 30% of AustralianSuper’s global equities portfolio is internally managed, but that will increase to a “significant majority” by 2030, the fund said in a statement. It said about 70% of new inflows would be invested in global markets.
--With assistance from Amy Bainbridge.
(Updates with additional detail in paragraphs five and six)
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