Rest Super hired Payden & Rygel to manage A$500 million ($343.6 million) in the Los Angeles-based firm's multisector fixed-income focused Payden Absolute Return Investment strategy, a spokesman for the Sydney-based, A$57 billion fund confirmed.
The mandate will be part of Rest's defensive alternatives allocation, said Charles Levinge, head of institutional business for Sydney-based GSFM Funds Management, Payden & Rygel's third-party marketing firm for Australia and New Zealand.
The Retail Employees Superannuation Trust manages the retirement savings of roughly 2 million members.
