Colonial First State added Solaris Investment Management as a manager in its Boutique Australian Share fund. Solaris will manage A$100 million (US$91.6 million), according to Investment & Technology newspaper.
Scott Tully, head of multimanager investments at Colonial First State, said CFS was impressed by Solaris' performance.
Solaris replaces Perennial Growth Management on the five-manager fund. Mr. Tully said Perennial's investment style was similar to the Solaris core fund, and CFS did not want to disturb the style mix in the portfolio. “Growth and core, we find on the style charts, are quite similar,” he said.
The other managers are Greencape Capital, 452 Capital, PM Capital and Acadian Asset Management. Each manager runs a fixed 20% of the assets.
Simon Mumme is a reporter with Investment & Technology in Sydney.