In-house asset management in the Australian superannuation industry



Publication Details

Gallagher, D. R., Gapes, T. M. & Warren, G. J. (2019). In-house asset management in the Australian superannuation industry. Accounting and Finance, 59 (S1), 615-655.


We examine how executives from the Australian superannuation industry perceive and approach the choice between managing assets in-house, versus outsourcing to external investment managers. We find that decision frameworks, as well as the perceived benefits and challenges of in-house management, can be described in terms of four elements: costs, capabilities, alignment and governance. Industry participants address these four elements in diverse ways. This is reflected in a variety of decision approaches, aspects that are considered and emphasised in decision-making, and implementation structures.

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