NGS Super hired American Century Investments to manage A$150 million ($112 million) in global small-cap equity, an investment executive with the A$12 billion Sydney-based fund confirmed Monday.
The allocation was funded, in part, by a shift into small-cap equities from developed market large-cap equities and some emerging markets equities, said Lucas Hartmann, senior manager of liquid assets, in an interview.
That money was initially moved into passively managed small-cap global equities during the second half of 2020 while NGS conducted a manager search, which ultimately culminated in the selection of American Century, he said.
American Century said in a news release that its business in Australia has grown to A$2.5 billion since the firm planted its flag there in 2018. A spokeswoman for the firm said institutional mandates account for A$1.75 billion of that total, with wholesale/platform business accounting for the remaining A$750 million.
Globally, American Century reported roughly $238 billion in assets under management as of July 12, the news release said.