Mark Delaney: Internal underperformers get ‘far more scrutiny’
More than half of AustralianSuper’s $413 billion assets are managed internally now, according to its CIO, Mark Delaney, who told the CFA Society Australia Investment Conference in Sydney that the fund isn’t shy about terminating its own strategies for underperformance.
As many as three internal investment strategies have been terminated for non-performance, but Delaney defended AustralianSuper’s policy of not disclosing the investment returns of its internal managers on the basis that it doesn’t disclose the performance of – nor the hiring or firing of – external managers either.
“You’d like to think that you’re completely ambivalent around how you make those capital allocation decisions,” Delaney said.
“The…
