Funds SA CIO steps down

By Muskan Arora

Richard Friend will step down as CIO of $43 billion Funds SA, after almost eight years in the role.

As a CIO, Friend led the investment team and was responsible for the development and implementation of investment strategy, investment implementation, and management of the Funds SA investment options.

Friend joined Funds SA in December 2016.

Prior to joining the asset manager, Friend held the role of Investment Manager at Australian Super, a role he took after its merger with AGEST Super.

Before that, he worked in senior roles at Warakirri Asset Management, and Equipsuper

The team has expanded significantly under his leadership and investment capabilities have been broadened across all asset classes,” said John Piteo, Funds SA chief executive, in a recent statement.

Funds SA confirmed launching the search for an interim CIO in due course. 

About the asset manager

In the year 2022-23, the returns ranged from 3% for cash investment option to 12.1% for the Socially Responsible Investment (SRI) option. The strong performance of the SRI option was due to its exposure to the technology sector in global equities. 

The long term returns since inception in 1995 for Balanced Tax-Exempt investment strategy is 7.9% p.a. and the State's Defined Benefit strategy has returned 8% p.a. 

The firm manages over $41 billion on behalf of its clients which include endowment, superannuation, insurance and investment. 

Funds SA's manager roster

Asset Class Manager
Australian Equities Manager
BlackRock Investment Management
Ethical Partners Funds Management
First Sentier Investors
Greencape Capital
Selector Funds Management
Touchstone Asset Management
Ubique Investment Management
Vinva Investment Management
International Equities Baillie Gifford
BlackRock Investment Management
Harris Associates
Lord Abbett
LSV Asset Management
Massachusetts Financial Services
Paradice Investment Management
T Rowe Price
TT International
Wellington Management Company
Private Markets Private Equity and Other Opportunistic Managers
Infrastructure Macquarie Investment Management
H.R.L. Morrison & Co
Palisade Investment Partners
Alternatives Ardea Investment Management
Brandywine Global
Bridgewater Associates
GMO & Co
LGT Capital Partners
Credit Ares Management
GMO & Co
Oak Hill Advisors
Putnam Investments
Wellington Management
Fixed Interest Ardea Investment Management
BlackRock Investment Management
Colchester Global Investors
Columbia Threadneedle Investments
First Sentier Investors
Funds SA
Macquarie Investment Management
Macquarie Investment Management

(Image: Richard Friend's LinkedIn)