Gallagher, David RGapes, TimothyWarren, Geoffrey2021-01-190810-5391http://hdl.handle.net/1885/219724We 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.The Centre for International Finance and Regulation (CIFR) is acknowledged for sponsoring and funding the research.application/pdfen-AU© 2017 AFAANZSuperannuation fundsIn-sourcing versus outsourcingPortfolio constructionGovernance201710.2139/ssrn.27408242020-11-02