REST Super has terminated a $360 million emerging market equities mandate with Threadneedle Asset Management, and also awarded an Australian large cap manager $100 million.
Threadneedle, which is owned by American Express, had its mandate rescinded late last year and transitioned to First State Investments, the London-based arm of Colonial First State Global Asset Management. Meanwhile, Paradice Investment Management’s large cap fund (managed by Troy Angus) has been awarded $100 million of new cash flows. REST has also recently created an investment manager role to “strengthen investment governance” in response to the fund’s growth in assets under management. REST chief executive officer Damian Hill said the fund had grown in excess of 20 per cent over each of the last five years, and with growth expected to continue in the short to medium term, an investment manager position was required to ensure that the fund’s resources were being used to their potential. The job will be taken on by Joanne Townsend, former investment manager with Non Government Schools Super.
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