‘A long-term game’: How this fund is seeing results from in-house investment By Sarah Kendell 07 July 2021 As the trend towards bringing investment teams in-house continues, a major industry fund has credited its record performance for the 2021 financial year to increasing efficiencies and sharper reactions to market swings as it jettisons external managers. Construction industry fund Cbus, which manages $59 billion on behalf of 765,000 members, revealed it had generated a 19.34 per cent return for its growth option in FY21, the best annual performance figures in the fund’s 37-year history. Cbus, which has moved to managing 35 per cent of member investments in-house, also picked up former APRA head of investment risk Mark Ferguson as its new head of total portfolio management this week, in what the fund said was another plank in the implementation of its internalised investment structure.