Cbus appoints deputy CIO because it closes in on 50% in | Australian Markets
Business tremendous fund Cbus has promoted Leigh Gavin, at present portfolio strategy head, to deputy chief investment officer (CIO).
Cbus stated the position holds a “pivotal” operate within the investment management crew, supporting the subsequent section of internalisation of its investment model because the fund hits a $100 billion property below management milestone.
The position was vacated by Alex Campbell in June 2024.
Gavin joined Cbus in 2023 as head of portfolio methods, making the transfer from rival AustralianSuper, the place he was head of investment model design.
He beforehand served at LUCRF Tremendous, thought of Australia’s first industry tremendous fund (which later merged with AustralianSuper), his first position within the tremendous sector, the place he was CIO between Could 2016 to April 2021. Gavin started his profession within the advice space, together with a stint as senior marketing consultant at Frontier Advisors.
Cbus acknowledged Gavin’s position in supporting the fund’s ongoing internalisation strategy, kicked off in 2017, which has introduced more than half of its property below management (AUM) in-house, in addition to searching for out new investment alternatives overseas.
Extra than a third (34%) of the tremendous fund’s investment portfolio, together with hybrid methods, is managed internally, as at 30 June 2024. Cbus stated it goals to grow this to at the least half of its portfolio within three years.
Commenting earlier final yr on the progress of the internalisation program Gavin stated the internalisation had “delivered strong results for members”, together with contributing to an total saving in extra of $1 billion in investment charges and price financial savings since 2018.
Cbus Tremendous CIO Brett Chatfield stated the important thing appointment mirrored the fund’s increasing internalisation marketing campaign.
“I’m more than happy to announce the appointment of Leigh Gavin to the position of Deputy CIO. Leigh has been an integral half of the Funding Management Staff since 2023, and brings a robust depth of senior expertise together with at CIO and senior investment advisory ranges.
“In addition to his impressive experience, Gavin’s strong knowledge of the Fund and connection to investing for our members dates back to the early 2000s as an adviser.”
Gavin stated the fund is getting into a ‘Goldilocks period’ for its members – “small enough to take advantage of a range of opportunities and large enough to be achieving real economies of scale for members”.
“We see plenty of scope to roll out new internal strategies, our portfolio construction and DAA programs are really taking shape and we are well placed to take advantage of private markets opportunities,” Gavin stated.
“I’m excited to be assisting Brett to deliver on our current strategy and turning an eye to what the next ten or twenty years will look like.”
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