CARE Super is conducting an Australian equities review with the finalisation of a new manager lineup as close as mid-July.

Michael O’Sullivan, chair of CARE, said the review was part of the thorough review of Australian equities managers conducted every two years. “We are constantly looking at managers, but every two years we go right through the managers,” he said. The asset allocation of the fund was reset last year, with Australian equities at about 32 per cent, and O’Sullivan said the board was happy with that. CARE terminated a mandate with UBS when Paul Fiani left the firm, and has given a mandate to Challenger. In addition O’Sullivan said some money had been given to Paradice in a “straight” equities mandate. The $3 billion fund, which is advised by Jana, appointed Greg Nolan as general manager of investments in October last year. Its default option has an asset allocation of 23 per cent to international equities, 32 per cent to Australian equities, 10 per cent to property, 15 per cent to alternatives, and 15 per cent to fixed interest.