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Energy Super takes power back in international mandate shuffle
Energy Super has taken direct control of its international equities portfolio, after reallocating $700 million in mandates to four new managers and away from AMP Capital.
AMP Capital will continue to manage its socially responsible investments portfolio while Harding Loevner, Longview Partners, Sands Capital Management and Schroders will step in to take over management of its international equities.
Schroders already had a hand in the $4.6 billion industry funds' foreign stock holdings as a manager under AMP Capital.
The appointment will provide direct mandate and control, lower fees and more diversification, the fund said.
According to Energy Super chief executive Robyn Petrou, the fund has reached a scale where it was appropriate to take ownership of direct mandates.
"This is because this has the potential to deliver better control over the investment strategy, cost savings and after-tax outcomes, while still keeping the style and asset allocation required," she said.
"At the most fundamental level, Energy Super seeks to work with experienced, cost-effective and prudent investment managers who can help us maximise returns to members."
The fund has 49,000 members across Australia.
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