Auscoal, Warners Bay, Australia, hired Copper Rock Capital Partners to manage more than A$100 million (US$101.2 million) in global small-cap equities.
The A$5.7 billion plan will fund the hiring from the 10% of its international equity allocation devoted to “less efficient” markets, which has been developed by the fund’s investment team over the past eight months.
Copper Rock joins Acadian Asset Management and First State Global Asset Management as managers of that subasset category.
Funding for Copper Rock came from cash withdrawn from AllianceBernstein’s value equity portfolio last year.
Michael Bailey is editor of I&T News, Sydney.