A shuffle of Funds SA’s $5 billion Australian equities portfolio has created space for three new managers.

Following an annual review, Funds SA, the $14.5 billion government owned multi-manager has appointed Goldman Sachs JBWere Asset Management, Perennial Growth Management, and Bernstein Value to $560 million, $560 million and $360 million mandates respectively. Collectively, this represents 29 per cent of Fund SA’s Australian equites portfolio. “Several managers [existing mandates] were recently cut back to correct a slight value bias,” Funds SA chief executive, Richard Smith, said regarding the source of the money. “None of the current managers have been terminated.” “Goldman Sachs JBWere was appointed to provide a solid, quantitative core, and Perennial Growth will complement our other growth manager [Orion Asset Management],” Smith said. Fund SA’s other current Australian equity managers include Balanced Equity Management, Barclay’s Global Investors, Kinetic Investment Partners, Perrenial Investment Partners, and SG Hiscock. There has been no shift in Fund SA’s overall asset allocations.