The A$1.1 billion (US$ 876 million) Alcoa of Australia Retirement Plan overhauled its Aussie shares lineup, awarding new mandates to two boutique active Australian equities managers.
Alcoa recently funded mandates with Platypus Asset Management and Contango Asset Management, both of which were awarded late last year.
The fund also terminated a A$129.5 million mandate with independent specialist Australian equities manager JM Financial Group, which was listed as one of three Australian shares managers in Alcoas 2008 annual report for the year ended June 30, 2008, but not named on a list published in May 2009.
The new mandates increase the number of Aussie shares managers in Alcoas stable to four from three, with SSgA managing A$141.5 million and Perennial managing A$172.4 million, according to the 2008 annual report.
Kristen Paech is a reporter with Investment & Technology in Sydney.