NSW Aboriginal Land Council, Parramatta, Australia, hired Altrinsic Global Advisors to manage A$10 million (US$8 million) in global equities. The funding comes from a global equities trust being wound down by BNY Mellon Asset Management.
The move is the latest in a series by the statutory fund of the A$600 million council after it terminated Chifley Financial Services in October. Chifley had overseen all of the fund's investments.
The fund is working with consultant Watson Wyatt to select managers and has given State Street a three-month contract to provide interim custody and transition management services to implement changes.
Chadwick Pocock, former head at Chifley who became CIO of the NSW council in February, said that apart from the investment with BNY Mellon, the council had basically replicated the mandate run by Chifley but would make some manager changes in the near future.
Simon Mumme is a reporter with Investment & Technology in Sydney.