Andrew Ryan(Opens in a new tab/window) is the NRFC's Director, Asset Management. Having worked in roles at an institutional investment manager, a leading superannuation fund, and now a sovereign investor, Andrew brings a wealth and experience and knowledge as he reviews and manages the NRFC's investment portfolio.
We sat down with Andrew to find out more about his role at the NRFC and the importance of investment management for an organisation such as the NRFC.
Can you tell us about your role as Director, Asset Management – what are your key responsibilities and focus areas?
Within the overall NRFC investment process, my focus is the investment management stage – the ownership phase of investments in NRFC portfolio companies.
My responsibilities focus on working across the NRFC's functions (Investments, Impact, Risk, ESG, Finance, and Operations/Technology) to deliver three main aspects:
- Investment Management Plans – for each portfolio company we identify key investment drivers, risks, impact and policy outcomes, ESG, and an engagement approach.
- Investment Reviews – we assess business performance, key engagement issues, and opportunities.
- Portfolio Construction and Management – target investment deployment to the NRFC’s Strategic Asset Allocation and portfolio construction across asset classes, priority sectors, geographies, and investment stages.
Why is investment management important for an organisation such as the NRFC?
Effective investment management drives achievement of the NRFC’s investment outcomes and policy objectives. It provides a governance and oversight framework for the NRFC’s responsibility as an investor and steward of Australia’s sovereign capital. Effective engagement with portfolio companies supports execution of their strategy, delivers investment returns, and contributes to diversifying Australian industry.
Looked at in combination, the NRFC’s investment management plans deliver impact for key policy factors, including growing Australia’s industrial capability, economic transformation, and achieving emission reduction targets.
A considered portfolio construction approach supports the NRFC to invest in advanced manufacturing throughout Australian resources; defence; transport; enabling capabilities; renewables; agriculture, forestry, and fisheries; and medical science.
The investment management approach enables the NFRC to take meaningful risk as envisioned under our mandate. Some investments won’t succeed as hoped – but diversification and effective management provide guardrails to the overall portfolio.
Finally, the NRFC is very conscious of being a good investment partner, including where we can assist beyond financial investment.
Can you tell us a little bit about your career journey so far?
Building and growing investment organisations has been my career passion. Highlights include great roles at an institutional investment manager (ABN AMRO), a leading superannuation fund (AustralianSuper), and now a sovereign investor (the NRFC).
My journey began studying Commerce at the University of Melbourne. I then was a graduate at KPMG, where I qualified as a Chartered Accountant.
My wife and I then travelled to Europe where after backpacking I managed to get a job at ABN AMRO Asset Management. I can still feel my excitement receiving the offer as it meant that we could live a proper life in Amsterdam and it was my first role at an investment manager.
Staying with ABN AMRO, I moved to London and progressed to report to the UK CEO & Head of Fixed Income and then the Global Equities CIO. A stint on the sell-side/investment banking included Morgan Stanley (an incredible experience at a global broker-dealer) and RBS.
Back in Melbourne having become a parent, I joined the investment team at AustralianSuper where I worked through an extended growth period, with a particular focus on building internal investment teams. I was fortunate to work across asset classes – predominately equities (listed, private equity, and venture capital), as well as fixed income and credit, overall portfolio construction, property, and infrastructure.
After 10 years at AustralianSuper, I took a proper planned career break and in 2025 jumped at the opportunity to join the NRFC. Working with portfolio companies and the NRFC investment teams and enabling functions, I am focussed on the NRFC's investment management.
What is the best leadership advice you have ever received?
In my experience, the best leaders have an ability to simplify – to clearly communicate a strategy, an implementation plan, and what each person needs to deliver. I have been fortunate to work with exceptional leaders directly and as part of wider organisations. James Gorman at Morgan Stanley and Mark Delaney, Innes McKeand, and Ian Silk at AustralianSuper immediately come to mind. The three qualities they have in common are being clear, honest, and authentic.
Otherwise for advice: “What gets measured gets managed”.
What’s a fun fact about you that most people wouldn’t guess?
I start every day with a swim. No matter the weather, temperature, or where I am. Sea, pool, river, lake, or creek, I jump in and feel alive.
When you are not working at the NRFC, how do you like to unwind and recharge?
I cherish family time with my wife and our three children – relaxing at home or cheering on the plethora of kids activities.
The beach puts a smile on my face – Lorne and Mount Martha are favourites, as is an early morning dip in Port Phillip Bay with our dog.
I ride to work most days – the exercise energises and seeing some sky and green is a good transition to start or end the day. And I organise a bushwalking group who have all become friends – does us the world of good.
If you'd like to connect or learn more, you can reach out to Andrew Ryan(Opens in a new tab/window) via LinkedIn.