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AustralianSuper nabs AXA IM equity specialist

By Jessica Penny
2 minute read

The fund is expanding its international and private equity capabilities to accommodate for future growth.

AustralianSuper has named Mark Hargraves as head of international and private equity, who joins the fund after a 23-year tenure at AXA Investment Managers.

Mr Hargrave’s last two years with AXA IM were spent as head of equity, where he held overall responsibility for $110 billion of assets and ran a team of around 60 fund managers.

According to AustralianSuper, his new role will see him assume responsibility of leading the fund’s international equities and private equity teams, building internal capabilities, hiring new talent, and leading the processes underpinning the growth and development of those portfolios.

He will also play a core role in the fund’s investments and London office leadership team.

Commenting on the appointment, AustralianSuper chief investment officer Mark Delaney said: “Mark’s appointment is an important leadership role within the fund, bringing together the management, research and strategy for international equities and private equity investments.

“His investment experience within complex multi-market organisational structures will be invaluable as we build our own capabilities alongside outside investment mandates,” Mr Delaney continued.

Mr Hargraves added: “I’m delighted to be joining the fund at a time when it is undergoing significant growth, building the international capabilities necessary to manage a globally significant member-focused retirement fund.

“The past few years have highlighted the importance of agile, integrated investment strategies able to manage short-term macroeconomic and geopolitical volatility and the longer-term sustainability challenges created by climate change. I look forward to playing my part in the fund’s growth and the unique opportunities that process will create.”

In July, the fund reported having $300 billion in member assets under management (AUM).

AustralianSuper further projected to have around $700 billion of members’ funds under management by 2030, seeking to deploy 70 per cent of its growing inflows into global markets.

Specifically, the global equities portfolio is expected to grow from $69 billion to around $255 billion, while the private equity portfolio is expected to grow from $14 billion to around $55 billion.