Van Eyk hired Global Currents to run A$27 million (US$22.3 million) in international value equities for its Blueprint multimanager product.
Funding came from Walter Scott, whose allocation of the A$206 million Blueprint portfolio was cut to A$41 million.
The move reflected van Eyk's preference for value managers in the current environment, said Mark Thomas, an executive at the company.
“At the moment we have a very high quality tilt with Walter Scott. We did feel that quality was the most important, but we're starting to broaden that thinking,” Mr. Thomas said. “Our research suggests that we should focus on managers who make more stock-specific calls.”
Global Currents joins Walter Scott, T. Rowe Price, Macquarie, Arrowstreet and Aberdeen as managers of the international equity portfolio.
Simon Mumme is a reporter at Investment & Technology.