(March 4, 2014) — The Auscoal superannuation fund has appointed its first CIO after its board decided to strengthen internal resources.
The Aus$7.9 billion has appointed David Bell to the newly created role, it announced today.
Bell will be based in Sydney and will oversee all aspects of investment and risk management for the superannuation fund, and he will head an established investment team.
Auscoal Super CEO Bruce Watson said Bell had managed investment portfolios and investment teams, and consulted to and educated many groups onshore and offshore within the financial services industry and academia.
Bell is set to join the fund on a full-time, permanent basis in July, but will act as a consultant until that time. He launched his own consulting firm in 2009 after spending 12 years at Colonial First State Global Asset Management, during which time he launched the company’s fund of hedge fund business.
In 2010, he received the Contribution to the Australian Hedge Fund Industry Award at the Annual Australian Hedge Fund Industry Awards.
Superannuation funds have been incrementally increasing their headcount over the past decade as their assets have grown due to mandatory contributions and investment returns.
A report from State Street last year revealed that deciding on maintaining external managers or bringing capability in-house was one of the major issues facing these large investors.
“[CEOs are] looking at the best ways to maximise returns while dealing with risk. And they’re assessing operational changes, like internalising investment functions – and the pros and cons of making those moves,” State Street said in its research.
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