Mercer Global Investments (MGI) has redeemed Australian small cap equities mandates with two big institutions in preference for boutique managers.
MGI’s $12 billion multi-manager fund has culled Colonial First State (CFS) and Grantham, Mayo and van Otterloo (GMO) from its Australian small cap shares portfolio and assigned boutiques Northcape and Kosmos in their place. Adam Smith Asset Management, the remaining Australian small cap equities manager in Mercer’s portfolio, retained its mandate. While Adam Smith is a value manager, both Northcape and Kosmos run core/growth manadates for MGI. Kosmos was founded in January by two ex-CFS senior portfolio managers, Anthony Vourdanos and Tom Plodr. MGI’s redemption of its small caps mandate with the duo’s former shop and subsequent funding of Kosmos echoed the recent moves of two super funds for maritime workers, the Stevedoring Employees Retirement Fund and Seafarers Retirement Fund, which withdrew small-caps money from CFS and funded Kosmos in August.
16 September 2008 00:00
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Investments
The $80 billion Mercer Super has delivered a fourth consecutive year of double-digit returns to most members of its SmartPath lifecycle product. Global equities did a lot of heavy lifting, but chief investment officer Graeme Miller tells Investment Magazine that the fund is now looking further afield for returns.
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