Australia's Telstra Superannuation Scheme, Melbourne, received A$3.12 billion (US$2.14 billion) from the Australian government Wednesday, covering past service payments to company employees before it was partially privatized in 1990 as Telstra Corporation Ltd., said Terry McCredden, CEO.
The A$7.5 billion scheme will move the money to most of its active managers, which run both global and domestic equities and bonds. Those firms are: MFS International (U.K.); Clay Finlay; Bank of Ireland Asset Management Australia; Alliance Capital Management Australia; BlackRock Financial Management; and PIMCO Australia. Over the next year, Mr. McCredden said, plan trustees may move some of the money into global equities, emerging market equities and global bonds. Further details could not be learned by press time.
The plan's asset allocation is 75% equities and property, 15% cash and 10% bonds; its targets are 80% equities and property and 20% cash and bonds.