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Corporate Moves

AustralianSuper’s Head of Property Exits

After a disastrous 2009 performance, departing exec turned the portfolio into $10 billion during decade-long stint.

By Chris Butera

Australia’s largest superannuation fund has lost its head of property, CIO has learned.

Jack McGougan abruptly left the $98 billion AustralianSuper, where he managed its $10 billion property portfolio for the retirement program. No details have been disclosed as to why McGougan resigned or his future plans.

McGougan joined the fund just before the 2008 financial crisis, when the property portfolio was $3 billion and held investments in 50 property funds. After the portfolio returned -20% in 2009, he revamped it, growing it to the size it is now. In 2014, the super fund rolled out a new direct property strategy, which looked to cut leverage and de-risk by investing only in core assets.

Although the fund’s careers section on its website does not list the position, it is looking to fill the role quickly and has already begun its search for a new head of property.

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The fund handles the retirement contributions of more than 2.2 million Australians, functioning somewhat like a 401(k) plan in the US.

AustralianSuper was unable to be reached for comment.

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Home > News > Corporate Moves > Britain’s Pension Protection Fund Names Risk Officer, Head of ESG
Corporate Moves

Britain’s Pension Protection Fund Names Risk Officer, Head of ESG

New CRO comes off of an eight month career break following 21 years at insurer.

By Chris Butera

The UK’s pension recovery unit, the Pension Protection Fund, has hired a new head of environmental, social, and corporate governance (ESG), and has also named a new chief risk officer (CRO).

Stephen Wilcox will become the CRO of the $40 billion fund, replacing Hans den Boer. Wilcox is coming off an eight-month career break, where he chose to “recharge batteries and consider my future,” according to his LinkedIn page.

Wilcox had previously served as CRO of Allianz Insurance, where he built its first comprehensive risk team and implemented compliance with Solvency II, a European Union (EU) directive. This mostly concerns the amount of capital EU insurance companies need to reduce the risk of insolvency. He was with the insurer for 21 years.

Claire Curtin will be the pension safety fund’s head of ESG, further developing its responsible investment strategy. Curtin last worked as head of research, financial institutions for Trucost, a consultancy now part of the S&P Dow Jones Indices.

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The protection fund’s index, which tracks the deficit of the 5,588 pension plans eligible for its services, held an average funding level at 93.1%. The plan itself is 121.6% funded, according to its latest annual financial report.

 

By Chris Butera

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