Asset switches mandate to Challenger

In what represents the first fall-out resulting from a recent senior departure from Portfolio Partners, Asset Super has decided to move it’s $28.2 million Australian equities mandate to Challenger.

The move, announced late last week by Asset Super’s general manager, John Paul, was attributed to the recent departure of Portfolio Partners senior investment manager, Chris Kourtis.

Paul said the $28.2 million mandate had been transferred to the Challenger Select Australian Shares Fund which offered a similar portfolio to that previously offered by Portfolio Partners.

The announcement of the Australian equities switch by Asset Super followed the fund’s earlier announcement that it had modified its trust deed to enable it to offer pre-retirement employment pensions.

Paul said this meant Asset Super industry fund was now able to offer a non-commutable pension to members of the fund who are still working but have reached their preservation age and want to access their super savings via this option.

“Our members who wish to continue working on a part-time basis once they’ve reached preservation age and use part of their super in the form of a non-commutable pension to supplement their income, can do so straight away,” he said.