AUSCOAL Super has awarded State Street Global Advisors (SSgA) a mandate to manage its new currency hedging strategy.
Senior portfolio manager at AUSCOAL Super Michael Berry said the move to a more collaborative hedging strategy came as the board and the investment team decided to manage currencies more dynamically through the business cycle.
“We felt SSgA’s Australian-based currency team, with their consultative and systematic approach in strategically managing currency, was a good fit with our team and with the direction in which we’d like to take the fund,” he said.
SSgA’s director of distribution Peter Mitchell said the new strategy, Dynamic Strategic Hedging (DSH), would help AUSCOAL Super further diversify its portfolio and increase its returns while reducing currency risk, especially downside tail risk.
It would also give the fund’s investment team a chance to be more active in the portfolio’s currency management, he said.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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