“The question is whether that is too many, whether we can modify that.” In addition to manager selection, Pearce says there could be more attention paid to the scope of the mandate of each manager. “As a whole, the institutional market in Australia is not creative or aggressive in the way they set their mandates – the structure, the benchmark and the length of time. One thing we can look at is whether there is room to be more creative, add international, restrict number of stocks, or increase the commitment according to time frame.”