Australia’s superannuation system, established by the Keating government in 1992, has been a monumental success in Australia. With over $1.8 trillion in total AUM it is the fourth largest pension industry in the world.
To reduce the pension’s dependency on the equity risk premium and to implement a highly cost-effective private markets program, Qantas invested over $2.2 billion, via aligned implementation models, across unlisted infrastructure and property, hedge funds, credit and private equity to deliver attractive risk adjusted returns, net of taxes and investment expenses. Following a clear ‘value for money’ rather than pure low-cost focus. This means the pension is willing to include strategies such as hedge funds or private equity, provided they offer an attractive net risk-adjusted return.
In addition to Andrew Spence, the following Sydney-based investment professions participated at the Roundtable:
- Craig Stanford, Head of Alternatives, Ibbotson Associates (Australia)
- John Shin, Portfolio Manager, Roberts Family Office
- Stefano Cavaglia, Head of Funds of Funds, Philo Capital Advisers
- Chris Thompson, Portfolio Manager, Advance Asset Management
- Stephen Baldwin, COO, Regal
- Jack Lowenstein, Joint CIO, Managing Director, Morphic Asset Management
- Rob Lance, Head of Ascalon Capital Managers Australia
- Damien Hatfield, Head of Sales, Australia, Ascalon Capital
The group also discussed:
- The need for tail risk protection: models and approaches. Why it won’t help to “move the needle around the 50% mark”
- How does Qantas achieve an equity beta (S&P) of just 0.1 - 0.3?
- Should hedge funds investing globally engage in FX hedging? And how? How can a family office efficiently manage currency exposures?
- Why you should identify typical risk premia of managers and strategies
- Qantas Super’s typical fee structure
- Is still room for the traditional high beta, index benchmarked long only manager going forward?
- How has hedge fund replication changed over the last 15 years?
- Why is a lifecycle based approach of investing important for pensions?
- How do Australian hedge fund managers succeed and attract assets?
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