SSgA expands IOOF relationship
IOOF has awarded State Street Global Advisors (SSgA) a $115 million active global equities mandate for its global managed volatility alpha strategy.
SSgA will manage the strategy as part of IOOF's multi-manager superannuation funds based on a benchmark unaware portfolio which is not directed by weightings in a traditional market capitalisation index.
The strategy aims to deliver strong returns while managing total return volatility at the portfolio level, using a base currency of AUD to assess currency risk for local investors, SSgA said.
"SSgA has worked with the IOOF MultiMix investment team for many years across a number of asset classes," SSgA managing director of relationship management Peter Mitchell said.
"We believe this strategy with its benchmark agnostic construction, high active share and its optimisation from an AUD currency perspective is a great fit for IOOF's multi-manager portfolio," Mitchell said.
This mandate replaces a $56 million SSgA minimum variance strategy previously in the portfolio.
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