The $125 million Anglican Super Fund (Sydney), previously the Sydney Diocesan Super Fund, has terminated its $20 million Australian equities mandate with BNP Paribas Asset Management.
The reason for the termination was in part due to under-performance by BNP and also a result of the fund responding to its members’ changing demands after it introduced member investment choice at the beginning of this calendar year.
The fund has awarded international equity mandates with SRI components to Dresdner RCM Global Investors ($16 million) and Bank of Ireland Asset Management (BIAM) ($6 million).
The Dresdner mandate will become the core of a new global SRI fund that the Allianz-backed manager is marketing, while the BIAM mandate is being managed through the Irish bank’s Ex-Australia Ethical International Equities Fund.
To make these mandates possible, Anglican Super has reshuffled the balanced mandates managed by AMP Henderson Global Investors and ING Investment Management.
Previously, AMP managed $37 million while ING looked after $26 million, but part of the international component of these mandates has been given to Dresdner and BIAM. What remained of AMP’s and ING’s international components have been switched to Australian equity mandates, to counter the termination of BNP.
Anglican Super’s asset allocation now has a 47 per cent allocation to Australian equities (previously 55 per cent), and a 20 per cent allocation to international (previously 14 per cent).
— craig phillips
The fund, which has 3,000 members, also has a $22 million Australian equities mandate managed by Glebe Asset Management.
