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.
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.