David Hartley (Art by Edward Kinsella)Australia’s Sunsuper has lost its CIO.
The A$34 billion (US$24.9 billion) superannuation fund announced David Hartley will retire from his post as investment chief, ending a 10-year tenure.
“David has delivered time and again for our members, expanding our focus to new asset classes and new ways of investing, always with a dedicated focus on performance, strong control over risks, and clear commitment to our members,” CEO Scott Hartley said.
According to the Queensland-based fund, its assets have grown exponentially under the CIO’s leadership, from A$6 billion to A$34 billion.
The 2014 Power 100 member also further built out Sunsuper’s in-house investment team, adding 19 more staff members throughout his tenure.
The fund’s director and investment committee chair also praised Hartley’s commitment and investment returns, despite turbulent market environments over the last 10 years.
Sunsuper’s balanced fund returned 10.2% net of fees for fiscal year 2015, according to the fund’s documents, marking three consecutive years of double-digit returns.
In addition, the fund reported returns of 7.1% per annum for the 10 years ending March 31, 2015.
“After 10 years leading the team, it is time for me to move aside so that the team can step up to its next level of development,” Hartley said in a statement. “Sunsuper has seen impressive growth over the last 10 years and is well positioned to be a powerhouse in the Australian superannuation and retirement industry.”
Despite announcing his “retirement,” Hartley continued that he is not retiring from the investment industry.
“I expect I will look for opportunities in which I can make use of the investment expertise that I have built up over my career,” he added.
Hartley has more than 30 years of investment experience. Prior to joining the super fund, he served as director of investment consulting at Russell Investments as well as Mercer inaugural CIO in Australia.
He also worked at UBS, boutique manager EquitiLink, Schroders, and investment firm GIO.
Sunsuper said it has already begun searching for Hartley’s replacement, adding it would consider a number of internal candidates.