Invesco has become the latest beneficiary of Vanguard’s decision to hand back money to superannuation funds it invests on behalf of before its own direct tilt into super after landing an index mandate from IOOF worth more than $20 billion.
In all the $23.1 billion mandate snapped up by Invesco was spread across 14 index strategies previously managed by Vanguard, a spokesperson for IOOF confirmed.
Invesco will take over the management of a series of Vanguard and OnePath-branded index funds available to IOOF members, the group elaborated via an announcement to its adviser networks on Monday.
In addition to its Australian shares, balanced, conservative, diversified bond, growth, international shares and property securities index option, the mandate won by Invesco also includes OnePath global property securities and geared Australian shares index funds.
The change of investment manager and corresponding fund name changes will be effective from May 24, the note to advisers confirmed.
There is believed to be up to $80 billion worth of index money managed on behalf of superannuation funds relinquished by Vanguard which is still up for grabs or has already been placed with other managers in lower margin index funds since the asset management giant announced its plans late last year.
Vanguard is still yet to divulge its direct to consumer superannuation strategy which has been touted for this year.