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Two Aussie CIOs on top 100 list

Two Australian chief investment officers made the annual Power 100 list published by Chief Investment Officer.

Con Michalakis, who has been Statewide Super's chief investment officer since 2008, was on the list alongside $171 billion Future Fund's Sue Brake.

"Michalakis implemented a nine-point risk management plan to navigate COVID-19 that provided guidance to the trustee board regarding the overall liquidity, member switching, currency hedging, asset allocation, unlisted valuations, and stress tests during the crisis," Chief Investment Officer said.

"The fund has also maintained conviction in key strategies (e.g., value vs. growth in equities, maintaining currency hedging and adding new credit dislocation strategies). Its returns in credit reflect the opportunity to buy during the crisis."

Statewide's MySuper product returned 6.8% p.a. in the year ending February 28, giving it the 26th spot in return rankings of default products. It is the sixth-best performing MySuper option on a seven year basis with 8.1% p.a. returns.

Brake was appointed Future Fund's chief investment officer after then investment leader Raphael Arndt moved to chief executive role, following David Neal's departure for IFM Investors.

Future Fund returned 1.7% in 2020, after positive returns in the September and December quarters lifted it back to the positive territory from FY20's negative returns.

The 1.7% return for 2020 was still below the target return of 4.4%, which is set at CPI plus 4-5% over the long-term. It was also a sharp contrast to 2019's pre-COVID returns of 14.3%. Longer-term returns (three years and beyond) remained above the target.

In 2018, AustralianSuper's head of portfolio construction Alistair Barker was named on Institutional Investor's Most Wanted Allocators list, the only Australian to get a spot.

Read more: Chief Investment OfficerFuture FundMySuperAlisatir BarkerAustralianSuperCon MichalakisDavid NealIFM InvestorsRaphael ArdntStatewide SuperSue Brake