The $2.9 billion Australian Government Employees Superannuation Trust (AGEST) has for the first time dealt an infrastructure mandate to a manager other than Industry Funds Management (IFM).

To diversify its infrastructure allocation, the public sector fund awarded $30 million to the ANZ Energy Infrastructure Trust, a vehicle that acquires or develops assets or utilities related to energy generation and distribution in Australia and New Zealand. “We wanted to get manager diversification and IFM were the only manager that we were using,” Michael Seton, AGEST chief executive officer, said. The fund would also decide later this month whether Frontier Investment Consulting would remain as its asset consultant, Seton said. AGEST put its asset consulting contract, which Frontier has held since 2000, out to tender last year.