Industry Funds Management, the fund manager owned by 32 Australian superannuation funds, says it has won a $100 million contract from Hostplus, the superannuation fund for the Australian Hotels Association.

Hostplus had given IFM $30 million two years ago to invest in Australian stocks. After monitoring the investment decisions by Clyde Haldane Hostplus decided to give IFM more money.

IFM manages about $29 billion for Australian and international investors. It invests in stocks, private equity, infrastructure and debt.