Who are the most influential asset allocators in Australian superannuation funds?
Who are the most influential asset allocators in Australian superannuation funds?
The latest Frontier Advisors survey of fund managers servicing the Australian superannuation industry, released on 17 December 2025, reveals a clear shift in who fund managers view as wielding the greatest decision-making influence on capital allocation within the Australian A$4 trillion superannuation fund industry.
Frontier Advisors is Australia leading institutional investment adviser, providing advice on A$850 billion of assets across the superannuation, charity, public sector, insurance and higher education sectors.
For the first time in the survey’s 10+ year history the dedicated investment teams for each asset class are seen as the most influential group in investment decision-making. More than half of managers now place these teams at the top of the influence ladder, with CIOs ranked second.
The survey results reveal that, “54.2% of managers now view investment team members as the most influential decision-makers within superannuation funds, while 32.5% rank CIOs as the second most influential. This represents a significant shift and a swap of order from 2015, when 39.5% of managers identified CIOs as the key decision-makers, and 32.6% then pointed to investment team members. The tipping point of this balance occurred in 2021, when investment team members surpassed CIOs for the first time, and the trend has only continued.”
“The survey findings are consistent with our experience of the market,” said Global Investment Institute’s Managing Director, Zlatan Kapetanovic.
“Through our close engagement with asset owners, we recognised this trend towards greater investment decision making responsibility sitting within the dedicated investment teams over the years, which has only become more pronounced, as the depth and breadth of teams has evolved. This is why we focus our investment forums on engaging the most appropriate investment decision makers, responsible for external manager due diligence and research.
“When we are assessing suitability for a senior investor to attend our private, invitation-only gatherings, which focus purely on investments, it’s critical for us to understand the nature of their role and the influence they have within their organisation on manager research and due diligence.”
CIOs remain strategic anchors
CIOs continue to be regarded as central to strategic leadership. The survey shows that their ability to shape asset allocation frameworks and governance policies maintains a crucial role that complements the execution strengths of investment teams.
The evolving influence hierarchy signals that strategic guidance and operational execution are both essential for effective investment outcomes. CIOs provide the vision and risk tolerance parameters, while investment teams operationalise these frameworks through detailed analysis and market interaction. External managers that navigate this balance can build deeper, more productive engagements with super funds.
Implications for consultants
Consultants, meanwhile, find their roles evolving. While traditional consulting roles, providing strategic advice and portfolio design, remain relevant, there is increasing emphasis on collaborating with internal investment teams to support implementation and governance. This can mean more tailored analysis, robust reporting and a willingness to engage deeply with technical specialists at asset owners.
Implications for fund managers
The survey highlighted fee pressures and concerns about internalisation and consolidation as ongoing themes. Managers see a delicate balance between cost control and net return optimisation. As internal teams grow, the interplay between in-house capabilities and external expertise will likely continue to evolve.
Conclusion
The 2025 Frontier Advisors report shows a clear shift in perceived influence within super funds. Dedicated investment teams now sit at the forefront of decision making in the eyes of fund managers, with CIOs close behind as strategic drivers. Both play essential roles in shaping investment outcomes. For external managers and consultants, success increasingly hinges on strong, operational engagement with internal specialists and alignment with strategic vision.
Click here to access the full survey.
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