City Super has awarded a mandate to Principal Global Investors.
The mandate will be invested in the Principal Global Strategic Income Fund — a diversified fixed income fund.
Confirming the mandate, City Super chief executive Ian Prowse said he believed the Principal Global Strategic Income Fund would provide City Super with a positive exposure to higher yielding securities.
He said the selection of Principal had been based on the fund’s focus on investment strategy development and manager and portfolio selection.
The $75 billion fund has gained exposure to decarbonisation solutions in its first listed equities impact investment.
The superannuation fund is expanding its investment exposure to industrial property through a $1 billion partnership with Barings, a global investment manager.
AustralianSuper has usurped the Future Fund as the biggest Australian asset owner, jumping from 43rd to 36th place globally, according to an annual study by the Thinking Ahead Institute.
IFM Investors, the global institutional asset manager owned by superannuation funds, has signed a memorandum of understanding with the UK government to invest £10 billion by 2027.
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