The chief investment officer of Cbus Super, Melbourne, one of Australia’s largest superannuation funds, is leaving after two years in the role.
Brett Chatfield, who was appointed CIO in 2023 after a decade at the A$100 billion ($64 billion) fund, will be succeeded by his deputy Leigh Gavin, according to an April 30 statement. He’ll be performing the same role at a “large” private family office once completing a transition with Gavin, Cbus said.
Chatfield’s departure caps a turbulent year for Cbus. The Australian Prudential Regulation Authority is currently investigating the fund over its expenditure management, and forced it to address concerns around risk management amid ties to a controversial union. It’s also being sued by the Australian Securities & Investments Commission over delays to death benefits and insurance claims.
Some high-profile members of the investment team also departed in 2024, including then-deputy CIO Alexandra Campbell in May.
Cbus aims to grow to A$150 billion by the end of the decade, and will invest A$5 billion in private markets and A$10 billion in domestic assets during that period, according to the April 30 statement. Gavin will oversee the launch of a new Australian equities strategy, while also increasing exposure to global markets.
The fund plans to manage 50% of its investments within the next three years, from its current level of about 34%, as it moves to rely less on external mandates with fund management firms.
