Australia’s biggest superannuation funds are ramping up their scrutiny of liquidity risk, especially in credit, as the $3.4 trillion sector grapples with the fallout of the global banking crisis and bond market volatility.

AustralianSuper even hired a chief liquidity officer for the first time, as the leading investors behind several funds warn that the dramas at Silicon Valley Bank, Signature Bank and Credit Suisse showed the damage that rapid moves in cash and long bond rates can do.