Energy Super hired Payden & Rygel to manage A$180 million ($130 million) in the Los Angeles-based manager's absolute-return investment strategy, a spokesman for the Brisbane-based A$7.4 billion superannuation fund said Tuesday.
The latest mandate brings Payden & Rygel's combined assets under management for institutional and retail clients in Australia to A$1.9 billion, said a spokesman for Grant Samuel Funds Management, a Melbourne-based third-party marketer for local and international money management boutiques.
Energy Super becomes Payden & Rygel's third institutional absolute-return fixed-income client in Australia, according to a Grant Samuel news release.
The mandate will be invested in the Australian domiciled Payden Global Income Opportunities Fund, which aims to deliver a gross return of 2% to 3% per year above the Bloomberg AusBond Bank Bill index over time.
The Energy Super spokesman said the mandate wasn't funded from fresh inflows but declined to provide further details.
