“There will seem to be less going on, but today a good deal of the risk each manager runs cancels out what the other managers are running.”

He said ipac would begin implementing changes to its Australian equities portfolio in October. The incumbent 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.

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