HESTA has re-worked a significant portion of its international equities portfolio, awarding $300 million in mandates to three global long/short equities managers.
The managers are: Acadian, which won a $110 million mandate, and AXA Rosenberg and AQR, which both won $95 million mandates. The managers have been appointed with the expectation that they outperform the benchmark by 5 per cent and thus drive “;HESTA’s strong growth in assets”;, HESTA investments and governance manager, Robert Fowler, said. The mandates represent 10 per cent of the fund’s international equities allocation. HESTA now holds $12 billion in funds under management, up from $9.8 billion at the beginning of the financial year.
Mega fund AustralianSuper said it is still feeling the pain from its very public loss in US software company Pluralsight, and even with $341 billion of assets under management, a $1.1 billion write-down is still too big a chunk of money to let go easily. But at the Fiduciary Investors Symposium, the fund’s senior private equity portfolio manager Robert Schnittger, said the most important thing now is to learn the lesson and “not lose money the same way twice”.
Darcy SongNovember 11, 2024