Coal Services Pty. Ltd., Sydney, hired Colonial First State Global Asset Management to run A$60 million (US$54 million) in Australian equities.
The assets had been managed by Alpha Investment Management, which closed in May.
David Jay, Coal Services' company secretary and treasurer, said the deciding factors were Colonial's history, longevity and size of funds under management. “The clincher,” he said, “was Colonial's research capabilities.”
Goldman Sachs JBWere was the transition manager.
The Coal Services portfolio consists of fixed interest, property, equities (domestic and international), alternatives such as infrastructure, and cash and equivalents.
The Coal Services fund covers New South Wales coal workers' compensation liabilities; mine rescues; and to provide miners' health services.
Philippa Yelland is a reporter with Investment & Technology in Sydney.