Catholic Super, Melbourne, Australia, hired Five Oceans Asset Management to run A$80 million (US$79 million) in global equities through the firm’s World Fund.
The allocation is about 2% of the A$4 billion fund’s assets.
The mandate reallocates assets that were with other managers, and is part of Catholic Super’s strategy to cut the number of managers, said Garrie Lette, chief investment officer.
“It was part of an overall review of our exposure to the asset class following a merger with another fund (NCSF) during the year,” he said, while refusing to name the managers that had mandates terminated.
Philippa Yelland writes for I&T News, Sydney.