AustralianSuper names new equity leaders

AustralianSuper has appointed Andrew Smith and Luke Smith as co-heads of Australian equities, permanently filling the leadership roles they assumed on an interim basis following Shaun Manuell’s promotion to chief investment officer.

The appointments, effective immediately, complete the succession process triggered by Manuell’s elevation to CIO on 1 July, after the long-serving head of Australian equities was selected to succeed Mark Delaney. This transition followed an international search process, which ultimately led to Manuell taking charge of the fund’s more than $410 billion investment portfolio.

Manuell spent 13 years leading AustralianSuper’s Australian equities business, overseeing a significant expansion of the fund’s internal investment capability. During his tenure, assets managed internally within the domestic equities strategy grew from $1 billion to $100 billion, demonstrating the team’s ability to scale and deliver strong investment outcomes.

Leadership Background

Before his promotion to CIO, Manuell played a key role in shaping the fund’s Australian equities strategy, which has consistently delivered strong performance. The team’s success can be attributed to Manuell’s leadership and the expertise of its members, including Andrew Smith and Luke Smith, who have now taken on the co-head roles.

Andrew and Luke had jointly led the Australian equities team since Manuell’s promotion, after initially being appointed interim leaders while the fund considered a permanent replacement. Their appointment as co-heads reflects their ability to work together effectively and drive the team’s investment strategy forward.

Andrew joined AustralianSuper in 2013 as a founding member of its internal Australian equities team and helped shape its investment process from its early years. He brought valuable experience and insights to the team, which have contributed to its success. Luke joined in 2015 and has since held a range of portfolio management and leadership roles across the team, demonstrating his versatility and expertise in investment management.

Investment Performance

Their appointments come as AustralianSuper said its Australian shares portfolio continues to outperform its benchmark over both the short and long term. The fund’s strong investment performance is a sign to the team’s ability to identify opportunities and manage risk effectively. The Australian shares option has ranked first in SuperRatings over one, three, five, seven, 10 and 15 years to 30 April 2026, while its internally managed Australian equities portfolio has delivered 2.6 per cent annual outperformance against ASX benchmarks since 2013.

As co-heads of Australian equities, Andrew and Luke will be responsible for leading the Australian equities team, shaping investment strategy, driving performance outcomes and further strengthening the fund’s investment capability in support of members’ long-term retirement outcomes. They will work closely with the broader investment team to ensure that the fund’s investment portfolio is well-diversified and positioned to deliver strong returns over the long term.

Future Expansion

The appointments also come as AustralianSuper continues to expand its investment operations, with the fund expecting its assets under management to grow to $600 billion by 2030. This growth will likely be driven by an increase in membership and contributions, as well as the fund’s ability to deliver strong investment returns. The new co-heads of Australian equities will play a critical role in supporting this growth, by identifying new investment opportunities and ensuring that the fund’s investment portfolio remains well-positioned to meet its long-term objectives.

AustralianSuper’s investment portfolio, now worth over $410 billion, will be a key area of focus for the new co-heads of Australian equities. They will work to maintain the fund’s strong investment performance, while also exploring opportunities for growth and expansion. This may involve investing in new asset classes, such as infrastructure or private equity, or expanding the fund’s presence in international markets.

The fund’s expansion plans are likely to be supported by its strong governance framework, which includes a experienced board of directors and a robust risk management framework. The new co-heads of Australian equities will work closely with the board and other stakeholders to ensure that the fund’s investment strategy is aligned with its overall objectives and that risks are managed effectively.