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The $12 billion multi-manger has withdrawn a $30 million GTAA mandate with Tactical Global Management (TGM), which was awarded in March 2007.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.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
