AustralianSuper doubles Fidelity mandate
The big industry fund AustralianSuper has added $525 million to Fidelity's Australian equities mandate, bringing it to around $1 billion.
AustralianSuper chief investment officer Mark Delaney said Fidelity had demonstrated solid and consistent stock selection skills, making the fund manager a good fit for the super fund's portfolio configuration.
"We have recently added another $500 million to Fidelity, to take their mandate to about $1 billion - which is roughly the same size as the other three large caps Australian equities managers in the portfolio," Delaney said.
AustralianSuper has a disciplined investment process, and the fund monitors and changes key variables in its portfolios as required, he added.
"Many factors are taken into account when selecting investment managers, including the strength of the company, its management structure, ownership and the experience of its investment team, the process they use, their track records and whether the manager complements AustralianSuper's other investment managers," Delaney said.
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