Mercer Global Investments (MGI) has terminated a mandate with one of its four global tactical asset allocation (GTAA) managers, after assigning it less than a year ago.
The $12 billion multi-manger has withdrawn a $30 million GTAA mandate with Tactical Global Management (TGM), which was awarded in March 2007. Russell Clarke, MGI chief investment officer, said the mandate was distributed among the three other managers – GMO, Barclays Global Investors and BNY Mellon Asset Management – that already manage GTAA strategies for MGI. Clarke said that TGM’s performance had been “;a bit soft”. “There were certain aspects that we were uncomfortable with, and we were very comfortable with the other three managers.” TGM is a GTAA, global macro and currency manager with offices in London and Brisbane.
11/03/2008
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The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.
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