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First State Super awards Neuberger Berman $1.6b mandate
First State Super has awarded Neuberger Berman a $1.6 billion mandate to provide non-market risk premia in emerging market equities with controlled cost.
First State Super said it may eventually move the portfolio in-house alongside other strategies managed internally.
Neuberger Berman Australia joint managing director, Lucas Rooney, said: "First State Super liked our approach to factor based equity investing, which shows low correlation to competitors."
"Research projects in areas where we have strong expertise, that go on to form part of clients' portfolios, are not uncommon for NB, as is helping clients who are building out internal capability," he said.
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The uncertainty surrounding US trade policy is weighing down global growth prospects, KPMG warns.
The US and Europe trade deal represents a significant step forward in resolving trade conflict, but markets have largely priced in the good news already, says the asset manager.
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