Sunsuper is pulling a A$200 million (US$163 million) mandate with Everest Financial Group after departures of two key executives triggered a contractual termination clause.
The departures of John Peterson, head of investments and risk, and Steve McKenna, head of absolute-return funds, triggered the termination clause, confirmed David Hartley, CIO of the A$12 billion industry fund in Brisbane, Australia.
Mr. Hartley said the fund has, at least temporarily, “taken over the role that Everest played” in managing the tailored product and was considering whether to keep its allocations to the underlying hedge funds chosen by Everest.
Bruce Tomlinson, who oversees Sunsuper's investments in alternatives managers, is assessing the managers.
Simon Mumme is a reporter with Investment & Technology in Sydney.
