The Westpac Staff Superannuation Plan, Sydney, hired Loomis Sayles, PIMCO and Brandywine Asset Management to run a total of A$250 million (US$190.9 million) in active global fixed income, confirmed Katia Penfold, assistant plan secretary. Loomis Sayles and PIMCO will each run A$100 million for the A$2.6 billion plan, and Brandywine, A$50 million.
The firms replace State Street Global Advisors and BlackRock, each of which managed A$125 million in passive global bonds. The terminations were not performance-related; the plan wanted to increase actively managed investments.
Consultant Russell Investment Group assisted.