Four large industry funds have teamed up and appointed specialist alternative assets adviser, Quentin Ayers, to manage a fund-of-funds focussed on global private equity and infrastructure.
The Local Government Super Scheme NSW (LGSS) is the biggest seeder of the new fund, committing $550 million, while allocations from Energy Industries Super Scheme NSW, Stevedoring Employees Retirement Fund and Seafarers Retirement Fund (SRF) will take it “;up near a billion”;, according to LGSS chief executive Peter Lambert. He said the commitment to alternatives had been decided by the funds some time ago, but a delegate committee had only decided to use a fund-of-funds structure run by Quentin Ayers in the past couple of weeks. The first investment of the new fund-of-funds is currently being transferred – into a distressed debt fund – while a meeting of the delegate committee this Thursday is set to sign off on a second investment, in the domestic opportunistic property arena. The fund secretary of SRF, Glenn Davis, said his fund had earmarked $100 million over three years to the fund-of-funds, which he expected to provide superior returns with lower volatility than listed markets.
18 September 2007 00:00
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Investments
Asset managers that underestimate the importance of artificial intelligence to their businesses do so at their own peril, according to Anton Eser, global chief investment officer of Robeco, who thinks that many have less than a year to get across the “most important transformation” the industry has seen since the beginning of the index business more than 25 years ago.
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