The Malaysian Reserve

Sunsuper set to hire on Aussie pension bonanza

Pedestrians cross a road in Brisbane, Australia. Photographer: Ian Waldie/Bloomberg News

SYDNEYSunsuper Pte Ltd plans to almost double its staff over the next three years to tap into Australian pension assets, which have been growing at the fastest pace among the world’s biggest nations.

The Queensland-based fund, which oversees A$55 billion (RM165 billion), is looking to boost investment decision-making ranks to about 50 by 2021 from 29 currently, according to Ian Patrick, its CIO. It is also seeking to beef support staff to 40 from 20.

“We will add but very selectively and deliberately, almost across the portfolio,” Patrick said in an interview in Sydney last Friday.

Sunsuper’s expansion plans come as funds compete for a larger slice of Australia’s pension pot — the fourth-largest in the world after assets grew 12.1% on average annually in the 20 years through 2017, based on a report by advisory firm Willis Towers Watson plc. That was faster than the US, UK and Japan.

The funds have also been seeking to bring more of their asset management in-house in a bid to cut costs and boost member returns.

UniSuper Management Pte Ltd, a Melbourne-based pension fund, said earlier this month that it is looking to hire an analyst to join its quantitative investment team. Construction & Building Unions Superannuation said in March it was boosting a team to make infrastructure investments directly. AustralianSuper Pte Ltd, the nation’s largest, said last year it ultimately expects to manage half of its assets itself. — Bloomberg