AustralianSuper Adds 6 Senior Staff to London Office

Carl Astorri will lead the A$300 billion pension fund’s UK investment team.



The A$300 billion ($196.1 billion) AustralianSuper, Australia’s largest pension fund, has appointed six executives to investment, risk and corporate affairs roles at its London office.  

The pension fund named Carl Astorri as head of investments, Europe. He will be responsible for building and leading the fund’s London-based investment team as it expands its public and private markets resources.

Astorri, who has been with AustralianSuper in Melbourne since 2015, is returning to London after having previously led the team responsible for asset allocation, equity strategy and macroeconomic research. He was also previously global head of economics and asset strategy at Coutts & Co., head of investment strategy at Barclays Wealth and an economist at the Bank of England.

John Normand, who was hired as head of investment strategy, will lead the asset allocation research team that drives investment strategy among all major asset classes. He will join AustralianSuper in late August after a 24-year career at J.P. Morgan Chase & Co., where he was most recently head of cross-asset strategy. He was also J.P. Morgan’s head of research for foreign exchange, international bonds and commodities.

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Sujay Shah has been named head of internal government portfolios and is tasked with managing the pension fund’s government bonds portfolios and team. Shah, who will split time between the U.K. and Australia, joins AustralianSuper from Tesco Pension Fund. He has nearly two decades of experience working in central banking, discretionary trading and active portfolio management. He previously held senior roles at The Bank of England, Goldman Sachs and BMO Global Asset Management.

The pension fund also named Deborah Gilshan to oversee its environmental, social and governance and stewardship programs in public and private markets in Europe. For the last four years, she has provided independent advisory services on investment stewardship, ESG integration and diversity to clients and is the founder of The 100% Club, a networking alliance dedicated to gender equality.

William Manfield has been named head of group risk, international, and will be responsible for the strategic direction of the risk and compliance function in the international offices. This includes the implementation and ongoing effectiveness of AustralianSuper’s risk management framework and ensuring adherence to local regulatory requirements. He joins AustralianSuper from BNP Paribas Asset Management and has previously held roles at Janus Henderson Investors, BlueBay Asset Management and Schroders.

Amanda Mitchell has been named head of European corporate affairs to provide strategic advice and support to AustralianSuper’s London and New York offices. She joins AustralianSuper after 16 years at Macquarie Group, where she was most recently head of corporate affairs for the firm’s global asset management business.

“We’re building a high-caliber and experienced team in London to ensure the Fund is strategically positioned in a market that will create many opportunities to generate excellent long-term returns for members,” AustralianSuper Deputy CIO Damian Moloney said in a release.

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Improved Funding Spurs UK Pension Giant USS to Propose Lower Contribution Rates

The proposed reduction would cut the combined employer and employee contribution rate to 16.2% from 31.4%.



The 75-billion-pound ($95.8 billion) Universities Superannuation Scheme, the U.K.’s largest pension fund, announced that, thanks to a significant improvement in its funding position over the past three years, its participants and employers will see a significant cut to their contribution rates.

According to the actuarial valuations, the USS swung from a deficit of 14.1 billion pounds ($18 billion) in 2020 to a surplus of 7.4 billion pounds in 2023. Between its 2020 valuation and the one conducted earlier this year, the pension fund’s assets increased in value to 73.1 billion pounds from 66.5 billion pounds in 2020, while its liabilities decreased to 65.7 billion pounds from 80.6 billion pounds.

“Having wrestled with deficits and rising contribution rates for more than 12 years, [trade union University and College Union] and [advocacy group Universities UK] now find themselves in the very welcome territory of considering how to respond to very different circumstances,” Kate Barker, chair of the USS board, said in a release.

Based on the new valuation, the USS board has proposed reducing the combined employer and employee contribution rate to 16.2% from 31.4%. Of that 31.4%, USS members currently pay 9.8% of their salary, while employers contribute 21.6%. This includes 6.2% in deficit recovery contributions on top of a 25.2% future service rate. The decrease to the contribution rate would be split 35%:65% between members and employers, respectively.

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As a result of the new valuation, the USS launched a consultation with advocacy group Universities UK on the trustee’s proposed reductions. UUK will then consult with the pension fund’s 331 participating employers and provide a response near the end of September.

“The emergence of a provisional surplus could provide a platform for greater stability in terms of the scheme’s funding position, contribution rates and benefit structure,” Barker said. “We look forward to supporting UCU and UUK’s discussions on this.”

Trade union UCU issued a statement that the reduction of contributions is “a positive turn that exceeds even the most recent predictions in May,” adding it could mean member contributions will be lowered to 8% or less, perhaps even as little as 6.1%.

“This is yet another step towards the restoration of our members’ pensions,” UCU general secretary Jo Grady said in a statement. “I have lost count of the times we were told it would never happen.”

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