(March-2003) Master ditches Invesco fixed interest mandate
The $300 million Master Superannuation Fund has terminated a $70 million fixed interest mandate with Invesco Australia and replaced it with Vanguard Investments Australia, after making significant changes to the mandate itself.
The restructured mandate now has a 70 per cent weighting to international sovereign passive hedged fixed interest and a 30 per cent weighting to Australian enhanced fixed interest. Previously the mandate was 70 per cent domestic fixed interest, 17 per cent actively hedged international fixed interest and 13 per cent cash.
Fund secretary Mark Sladden says the appointment was largely based on the pitch Vanguard made to the board of trustees.
“It wasn’t really a performance or fee related issue with Invesco itself. It’s just that the presentation Vanguard put to us on fees, performance, capabilities and services had more appeal to the trustees to warrant awarding the mandate to Vanguard,” he says.
Sladden expects the transition to take place by the end of March. “We’re not busting at the gut to move the assets but expect the transition to be completed within the next four weeks,” he says.
AUTHOR
Zilla Efrat
Recommended for you
Dan Farmer, chief investment officer of MLC Asset Management, has detailed how its super fund allocations have evolved and whether the fund will consider investing in bitcoin.
Australia’s superannuation capital has been positioned to play a larger role in south-east Asia’s economic development under a new government-backed deal.
Superannuation funds have become the dominant force behind Australia’s private markets boom, fuelling unprecedented growth and reshaping manager operations.
Reserve Bank governor Michele Bullock has said the central bank sees private demand picking up over the next year, taking over from public demand.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
