Bridgewater Associates’ global shut-down of its beta-based asset management products has necessitated a reshuffling of the global fixed interest line-up at the Australian Reward Investment Alliance (ARIA).
The Connecticut-based bond and currency manager has been ‘handing back’ money to investors in its traditional product suite. Earlier this year it advised ARIA it was no longer offering the global fixed interest strategy through which the public sector fund had invested roughly $800 million. ARIA’s internal investment team has decided to split the terminated Bridgewater mandate between two new global bond mandates – one with Principal Global Investors’ strategic income fund, which will virtually double the Australian-sourced FUM for this diversified product which aims to add 3 per cent to bank bills on a rolling three year basis, and the other with Rogge Global Partners. Brandywine and Blackrock remain as global bond managers. ARIA’s new chief investment officer, Alison Tarditi, will start on June 12 after four years running equity strategy at Citigroup Smith Barney, while Paul Watson starts in the newly created role of deputy CEO from July 16 after several years as deputy executive director at MTAA Super.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
