CANBERRA, Australia — AvSuper hired AllianceBernstein to run A$75 million (US$54.9 million) and ABN AMRO Asset Management and Perennial Growth Management to handle A$50 million each, all in active Australian equities, according to Leeanne Turner, chief executive officer of the A$820 million pension fund for employees of Airservices Australia and some employees of the Civil Aviation Safety Authority. The plan's investment committee reviewed the fund's overall Australian equities portfolio and decided to use four managers instead of two.
AvSuper terminated Westpeak Global Advisors, which ran A$70 million in active Australian equities, for performance. It reduced a A$100 million active Australian equity portfolio run by Maple-Brown Abbott to about A$78 million to partially fund the new managers. The remainder of funding for the new managers came from a general rebalancing.
Officials at Westpeak declined comment.
Russell Investment Group assisted.