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.
| 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 IFP 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 |
| Cash | Macquarie Investment Management |
(Image: Richard Friend’s LinkedIn)
