The $23 billion UniSuper has awarded $540 million in new mandates to three active international small cap shares managers with roots in the

US.

Fidelity International and Boston-headquartered Acadian Asset Management and Arrowstreet Capital were each allocated $180 million, a spokesperson for UniSuper confirmed.

The mandates, which were awarded in February, represent 12 per cent or about $2.76 billion of the fund’s global equity portfolio.

They were funded by reallocating assets within the overall international shares portfolio. 

“These investments are designed to increase UniSuper’s exposure to the global small cap sector and are in line with UniSuper’s investment strategy,” the spokesperson said.

“The changes were made as part of the ongoing development of the portfolio.”

Both chief executive officer Terry McCredden and chief investment officer John Pearce were unavailable for comment before press time.