Building Unions Super Scheme Queensland (BUSS(Q)has rejigged its hedge fund mandates, and upped its private equity allocations.

David O’Sullivan, chief executive of BUSS(Q) said a $6 million hedge fund mandate was taken off Financial Risk Management (FRM)in May, and mandates of $6 million apiece had been allocated to Harris Alternatives and GMO. BUSS(Q) has also entered into two new private equity commitments; $30 million to Quay Partners and $29 million to ING. The building and construction industry fund has also gone public offer. O’Sullivan said the move was to enable sole traders and partnerships to join the fund. “We wanted to be able to cater to the whole industry. We have had to turn people away before,’’ he said. Previously sole traders or partnerships could not join, unless they were already members through a prior employer relationship. O’Sullivan said BUSS(Q) was offering new personal plans, which had the same underlying assets but slightly different charges and insurance offerings. BUSS(Q), which was established in 1985, has over $1 billion in assets under management, and over 81,000 members.

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