Colonial First State hired Deutsche Asset Management to run a roughly A$385 million ($305 million) allocation for the Sydney-based firm's multimanager global real estate securities fund.
Deutsche Asset Management replaces CBRE Global Investors in overseeing roughly 40% of the almost A$1 billion Colonial First State Fund, said Jujhar Toki, senior investment manager at Colonial First State.
Mr. Toki said struggling performance and turnover on the CBRE team contributed to the decision to make a change, as did a broader restructuring of portfolio risk.
A CBRE spokeswoman couldn't immediately be reached for comment.
Mr. Toki said the real estate securities multimanager fund serves clients in each of Colonial First State's main business lines: investment, superannuation and retirement.