Home > News > Newsmakers > Mercer Super Appoints TelstraSuper’s Miller as CIO

NewsmakersFebruary 6, 2025

Mercer Super Appoints TelstraSuper’s Miller as CIO

Based in Melbourne, Graeme Miller will be the first dedicated CIO at $46.34 billion Mercer Super.

Mercer Australia Pty. Ltd. has appointed TelstraSuper’s long-serving CIO Graeme Miller to a newly created role as CIO of the Mercer Super superannuation fund, overseeing investment strategy design and performance. Miller will be based in Melbourne, Australia, and start in the second quarter of the year.

Mercer Super CEO Claire Ross said Miller’s appointment reflects the fund’s position and future in the superannuation fund sector, noting that it now manages A$74 billion ($46.34 billion) for more than 1 million members.

Graeme Miller

“A chief investment officer of Graeme’s calibre dedicated to the investment outcomes of our members’ portfolios will help further our position among Australia’s best super funds,” Ross said in a statement.

Given Mercer Super’s size, Kylie Willment, Mercer’s CIO for the Pacific region, explained that now was the right time to bring in its first dedicated CIO “to ensure we remain laser focused on delivering strong retirement outcomes.”

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Miller joins from TelstraSuper, where he has been CIO since 2016. TelstraSuper CEO Chris Davies said Miller played a pivotal role in shaping the fund’s investment strategy, delivering strong outcomes for members and driving its approach to sustainable investing.

Notably, according to Rainmaker Information, TelstraSuper’s default investment option returned 8% over 10 years ending December 31, 2024, ranking fifth among measured workplace super options. Rainmaker Information, like CIO, is owned by ISS STOXX.

Following Miller’s resignation, TelstraSuper appointed its head of alternative investments and real assets, Kate Misic, as interim CIO. She joined TelstraSuper in 2010 and has held senior roles across the investment management team, including leading the property, infrastructure, opportunities, hedge fund and private markets asset classes.

“With her proven leadership skills and deep expertise across so many asset classes, Kate is exceptionally well placed to guide our investment strategy for members and build on the strong foundation that Graeme has built,” Davies said in a statement.

Miller’s move comes about two months after TelstraSuper confirmed in December 2024 that it will merge with Equip Super, creating a profit-to-member fund with more than A$60 billion in funds under management and more than 225,000 members.

The successor fund transfer is expected to occur later this year, with full integration anticipated by the end of 2026, at which point the TelstraSuper brand will be retired.

This article appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.

Tags: Claire Ross, Graeme Miller, Kate Misic, Kylie Willment, Mercer Australia, Mercer Super, Superannuation

Home > News > Asset Allocation > Tech Rally Buoys Norway Sovereign Wealth Fund’s 13% Return

Asset Allocation February 6, 2025

Tech Rally Buoys Norway Sovereign Wealth Fund’s 13% Return

Despite missing its benchmark, the gain raised the world’s largest pension fund’s asset value to almost $1.75 trillion.

By Michael Katz

The investments of Norway’s sovereign wealth fund returned 13% in 2024, down from 16.1% in 2023, raising its asset value to 19.742 trillion kroner ($1.747 trillion) but missing its benchmark by 45 basis points. It was the second straight year the Government Pension Fund Global’s returns fell short of its benchmark.

The fund’s performance was boosted by the pension giant’s equity investments, which returned 18% for the year, while fixed-income investments eked out a 1% return. Unlisted real estate lost 1%, while its renewable energy infrastructure investments dropped 10%. The Norwegian pension’s yearly gain of 1.072 trillion kroner ($95.5 billion) alone would rank among the 10 largest pension funds in the U.S.

Nearly three-quarters of the GPFG’s overall asset value, 14.603 trillion kroner, lies in its equities investments, which are heavily tilted toward tech stocks. The pension fund’s largest equity holdings at year’s end were in Apple and Microsoft at $46.2 billion and $43.8 billion, respectively, followed by Nvidia and Google owner Alphabet at $43 billion and $29.3 billion, respectively.

The GPFG also owns $27 billion worth of Amazon stock and $20 billion worth of Instagram and Facebook owner Meta. Those holdings were followed by Broadcom and Taiwan Semiconductor at $16.7 billion and $15.4 billion, respectively. Tesla and Berkshire Hathaway round out the top 10 at $14.2 billion and $9.5 billion, respectively.

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As of the end of 2024, the pension fund’s asset allocation was 71.4% equities, 26.6% fixed income, 1.8% unlisted real estate and 0.1% in unlisted renewable energy infrastructure. This is a slight change from the previous year’s asset allocation of 70.9% equities, 27.1% fixed income, 1.9% unlisted real estate and 0.1% renewable energy infrastructure

According to the GPFG, because the krone depreciated against several of the main global currencies in 2024, the currency movements helped increase the fund’s value by 1.072 billion kroner. Meanwhile, inflow into the fund totaled 402 billion kroner.

“The fund achieved very good returns in 2024 as a result of a very strong stock market,” Norges Bank Investment Management CEO Nicolai Tangen said in a statement. “The American technology stocks in particular performed very well.”