Two executives have departed Aware Super, alongside an investments team restructure creating two additional roles.
Tim Riordan, head of direct equities and portfolio manager, and Mike Teran, associate portfolio manager, have left Aware Super with plans to set up their own fund.
The direct equities head oversaw the inception of Aware’s Midcap Australian Equities fund five years ago, and managed the fund with Teran for the past three years.
Riordan additionally led the direct equities team and was responsible for running small cap and strategic equities portfolios.
In relation to his new endeavor, he commented: “The high points that drew me into the new role are primarily around alignment, quality and the opportunity to work alongside some highly credentialed investors”.
“Alignment and incentives are key to successful execution of strategy and the structures in this role are about as aligned as it gets in funds management,” Riordan continued.
Following the duo’s departure, the fund revealed that Damian Graham, Aware’s CIO, would be leading a restructuring of its in-house investments team.
This included an increase in the breadth and depth of the team, with the fund aiming to double its size to over 200 employees.
Two new senior positions, chief operating officer and a head of portfolio management, were currently out in the market.
Earlier this year, Aware Super unveiled that Damien Webb, deputy CIO, was appointed as head of international to lead the fund’s growth agenda into the European market.
The fund planned to open its first international office in London by the end of the year, with a focus on expanding its investment management capabilities across international property, infrastructure and private equity.
