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REST continues to build credit securities portfolio
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| Damian Hill |
REST Superannuation is continuing to develop its structured credit securities portfolio, investing $150 million and $75 million with Babson Capital Management and Putnam respectively and redeeming its $350 million investment in the Mesirow Absolute Return Fund.
REST reinvested $150 million of the funds redeemed from the Mesirow fund with existing managers and placed the remainder in cash.
REST chief executive Damian Hill said they were coming to the end of their program of developing a structured credit portfolio and they would not be appointing any more managers. The redemption of its Mesirow fund was about reweighting the fund properly and not selling down its hedge fund investments, Hill said.
REST invested $150 million and $100 million with Credit Suisse and Stone Tower as managers during December.
AUTHOR
Mike Taylor
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