Westpac review generates new mandates

The big Westpac Staff Superannuation Plan will gain further exposure to smaller boutique fund managers offering higher levels of active management following the completion of the second part of a review conducted by Russell Investment Group.

As a result of the review process, the fund has issued new Australian equities mandates to Quest Asset Partners and MIR Investment Management worth around $80 million.

These mandates will sit alongside existing managers BT (market oriented), Perennial (value) and Wallara (growth) and replace BGI which ran an enhanced index strategy for the fund.

Implementation of stage two of the strategic review followed the implementation of stage one earlier this year which involved shifting the fund’s international equities exposure from a 100 per cent passive approach to a range of complementary active strategies.

Commenting on the changes, Westpac Staff Superannuation Plan secretary, Steve Whiteside said he was pleased with the progress of the fund’s review and the enhanced return upside for members.

“We have developed a strong working relationship with the team at Russell and are pleased with the progress of the fund’s strategic review,” he said. “We will continue to work together to bring further enhancements and opportunities to our members.”