Catholic Super has terminated an international equities mandate with Barclays Global Investors (BGI) in favour of three boutique managers.
Roughly $120 million managed by BGI has been split evenly between three offshore boutiques: Pzena Investment Management, a value manager based in New York; Generation Investment Management, a growth manger based in London; and Taube Hodson Stonex, a thematic, core-growth manager also from London. Bill Currey, investment officer at Catholic Super, said that there had been a trend towards boutique managers at the fund. “BGI haven’t done too badly, but we tend to prefer smaller boutiques to large firms,” he said. “[By investing with boutiques,] we are hoping to get better performance, despite the fact they may be a bit more expensive.” The funds are to manage international equities, and possibly some cash holdings, Currey said.
26/08/2008
haven’t, boutiques, “bgi, holdings, catholic, trend, expensive, despite, boutique, badly, prefer, currey
Alternatives
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.
Leave a Comment
You must be logged in to post a comment.