Searches and Hires

Australia’s LGIAsuper hires Brandywine Global for emerging markets debt

LGIAsuper awarded a A$100 million emerging markets debt mandate to Brandywine Global, confirmed Kate Farrar, the A$12 billion ($8.4 billion) Brisbane-based superannuation fund's CEO.

Ms. Farrar said in an email funding for the allocation comes partly from the fund's general cash holdings and partly from new inflows.

A Melbourne-based spokeswoman for Brandywine Global-parent Legg Mason (LM) Global Asset Management said the LGIA award counts as the first Australian mandate for the Brandywine Global Sovereign Credit Fund.

The fund, launched in 2012, had assets under management of $1.8 billion as of May 1, while total assets in the strategy exceed $5 billion, the spokeswoman said.

A Legg Mason news release Thursday said the fund is benchmarked against a Barclays Capital 60/40 (Emerging/Developed) Sovereign Credit index and invests in bonds with "high real yields and seeks investment opportunities where there is a valuation anomaly and identifiable catalysts for price mean reversion."

Philadelphia-based Brandywine Global had $72 billion in assets under management as of March 31. Legg Mason's family of asset management subsidiaries, meanwhile, had AUM of A$52.4 billion in Australia as of Dec. 31, according to the news release.