The $12 billion Sunsuper has appointed a specialist hedge fund advisory firm to assist it manage the $200 million in alternative investments once guided by Everest Financial Group.
The fund appointed New York-based Aksia LLC to provide research and advice on its hedge fund program, which is overseen by portfolio manager Bruce Tomlinson, from July 1, David Hartley, Sunsuper chief investment officer, said.
In its mandate with Sunsuper, which was terminated in May, Everest selected managers for a hedge fund-of-funds while the industry fund retained ownership of the $200 million in investments run by underlying managers.
Aksia, which had previously worked with Sunsuper on other projects, now provided research on hedge fund managers and performed operational due diligence and strategy research across all hedge fund sectors, Hartley said.
He said the hedge fund investments previously overseen by Everest were still valued at $200 million.
“We have major exposures in credit and global macro, but there are other exposures in their as well.”
The fund also draws on research consultants Mercer and Sovereign Investment Research to design and implement its hedge fund program.