The $13 billion multi-manager arm of ipac has begun formally reviewing its underlying Australian equities managers.

Tim Batho, head of investment services at ipac, said the review was not spurred by the performance of any particular manager but was part of a normal process that saw each major asset class reviewed approximately every 12 to 18 months.

“The drivers would be the perspective that the Australian market has changed, and that several stocks have held too much capitalisation,” Batho said.

ipac manages close to $4 billion in Australian equities in a style-neutral portfolio.

Its underlying Australian equities managers are Barclays Global Investors, Bernstein Value Equities, Challenger, Integrity Investment Management, Maple-Brown Abbott, Investors Mutual, MIR Investment Management, Schroders and Wallara Asset Management.