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Prime Super completes equities reallocation
Prime Super has completely overhauled its equities mandates in the wake of the BGI/BlackRock merger, according to the fund's chief executive, Lachlan Baird.
The $1 billion plus industry super fund has around $570 million allocated to Australian and international equities.
Around 30 per cent of total funds under management or $350 million was allocated to Australian equities through BGI and BlackRock. Following the merger between the two managers last year there were a number of high profile departures, prompting Prime Super to consider other fund managers.
Prime Super's Australian equities portfolio has now allocated 36 per cent of its $350 million to both Ankura and Macquarie Funds Group, or about $105 million each. Bennelong Funds Management and Colonial First State will both receive 14 per cent each.
The fund's $220 million international equities portfolio was being managed by BGI and State Street, but it is now split 35 per cent or $77 million to both AQR through its global equity enhanced fund and Panagora's dynamic global equity fund. It has also allocated 15 per cent or $33 million to the MFS global equity trust and to a Real Index global equities product.
From a strategic asset allocation point of view, there had been very little change, Baird said. The fund continues to target 30 to 31 per cent Australian shares, 20 per cent international shares and around 3 per cent to emerging markets.
AUTHOR
Mike Taylor
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