The in-house decision makers at Coal Services cut a long short-list of six contenders down to three, and then down to one: Colonial First State Global Asset Management’s ‘Core’ Australian Share Fund, whose portfolio manager is Martin Littler.
Coal Services’ company secretary and treasurer, David Jay, said the deciding factors were Colonial’s history, longevity, and size of funds under management. “The clincher,” he said, “was Colonial’s research capabilities.”
When asked who managed the transition, Jay said it went so smoothly that he’d “forgotten who the manager was”. He later confirmed it was Goldman Sachs JBWere.
The Coal Services portfolio consists of fixed interest, property, equities [local and overseas], alternatives such as infrastructure, and cash and equivalents.
Coal Services PL exists to meet NSW coal workers’ compensation liabilities; to fund mine rescues; and to provide miners’ health services [medical, physiotherapy etc].
The private company has two shareholders: the NSW Minerals Council, and the Construction , Forestry, Mining and Energy Union.