Mercer Global Investments hired BlackRock to run A$1 billion (US$820 million) in large-cap Australian equities, spokeswoman Kyahn Timms confirmed in an e-mail. The hiring came as Mercer reduced the number of large-cap Australian equity managers to five from 10, seeking to maximize the potential advantages of a more focused approach, according to a news release from Mercer. BlackRock was the only new hire in the revamping.
Large-cap equity managers retained and receiving increased allocations were Alleron, Ausbil Dexia, Perennial and Tyndall Investment. Managers dropped were AXA Rosenberg, BGI, BT Funds Management, Lazard, Schroders and Wallara Asset Management, according to the release.
The Australian equities portfolio totals about A$4 billion.