One-quarter of Colonial First State Global Asset Management’s assets under management were sourced outside Australia at the end of the first quarter, but so was 40 per cent of total revenue and CEO Mark Lazberger thinks this proportion will increase.
CalPERS officially alters asset allocation, reduces discretionary ranges
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The US$183 billion CalPERS board has made the first formal changes to its asset allocation targets since January 2008, increasing exposures to private equity and cash, and narrowing the discretionary ranges around all asset classes set in December last year. The new asset allocation, which sees the target allocation for its Alternative Investment Management (AIM) program, or private equity, increased from 10 to 14 per cent, global fixed income increased from 19 to 20 per cent, and cash increased from 0 to 2 per cent, is a short-term adjustment to the portfolio in the wake of the financial market crisis with the board planning to follow it with a more full-blown asset allocation and liability analysis in autumn next year.
CalPERS officially alters asset allocation, reduces discretionary ranges
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The US$183 billion CalPERS board has made the first formal changes to its asset allocation targets since January 2008, increasing exposures to private equity and cash, and narrowing the discretionary ranges around all asset classes set in December last year. The new asset allocation, which sees the target allocation for its Alternative Investment Management (AIM) program, or private equity, increased from 10 to 14 per cent, global fixed income increased from 19 to 20 per cent, and cash increased from 0 to 2 per cent, is a short-term adjustment to the portfolio in the wake of the financial market crisis with the board planning to follow it with a more full-blown asset allocation and liability analysis in autumn next year.
JP Morgan pulls off US$1bn transition for Timorese SWF
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The US$4.7 billion Petroleum Fund of Timor-Leste has begun diversifying its portfolio away from US Treasuries by appointing, for the first time, an external manager to invest $1 billion in high-grade, diversified fixed income, and has begun researching global equity managers. The fledgling democracy’s sovereign wealth fund, which until now was fully invested in US Treasuries, awarded a dedicated mandate to the Bank for International Settlements (BIS) to manage US$1 billion in longer-dated US government debt and the sovereign credit of other nations.
JP Morgan pulls off US$1bn transition for Timorese SWF
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The US$4.7 billion Petroleum Fund of Timor-Leste has begun diversifying its portfolio away from US Treasuries by appointing, for the first time, an external manager to invest $1 billion in high-grade, diversified fixed income, and has begun researching global equity managers. The fledgling democracy’s sovereign wealth fund, which until now was fully invested in US Treasuries, awarded a dedicated mandate to the Bank for International Settlements (BIS) to manage US$1 billion in longer-dated US government debt and the sovereign credit of other nations.
Mercer’s FUM grows more than $1bn, thanks to financial crisis
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Mercer’s implemented consulting business has won more than $1 billion in new mandates from smaller institutional investors aiming to outsource their investment management obligations as the financial crisis intensified. Compared with the $3 billion Mercer’s implemented business garnered in the past five years, the mandates represent an accelerated growth of funds under management, the vast majority of which came from non-superannuation institutions, such as universities, foundations and charities.
Mercer’s FUM grows more than $1bn, thanks to financial crisis
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Mercer’s implemented consulting business has won more than $1 billion in new mandates from smaller institutional investors aiming to outsource their investment management obligations as the financial crisis intensified. Compared with the $3 billion Mercer’s implemented business garnered in the past five years, the mandates represent an accelerated growth of funds under management, the vast majority of which came from non-superannuation institutions, such as universities, foundations and charities.
hedNo life after Madoff for ge fund Platypus
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Sydney hedge fund manager Platypus Capital Management shut down last month as insufficient scale and the difficulty of raising capital from offshore clients in a “post- Madoff world” made business as an independent Australian hedge fund unviable. Even though convicted US fraudster Bernard Madoff claimed to run a market-maker investment firm, not a typical hedge fund, his momentous crime hurt the hedge fund industry, whose managers have a reputation for keeping their strategies secret from investors.
hedNo life after Madoff for ge fund Platypus
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Sydney hedge fund manager Platypus Capital Management shut down last month as insufficient scale and the difficulty of raising capital from offshore clients in a “post- Madoff world” made business as an independent Australian hedge fund unviable. Even though convicted US fraudster Bernard Madoff claimed to run a market-maker investment firm, not a typical hedge fund, his momentous crime hurt the hedge fund industry, whose managers have a reputation for keeping their strategies secret from investors.
UniSuper’s $6 million Acurity overhaul
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UniSuper chief executive Terry McCredden has called on the expertise of an old colleague from his Telstra Super days as part of a $6 million project which involves remediation of the Acurity administration platform adopted by the fund in 2006. Helen Radatti, former chief information officer at Telstra Super, who worked with McCredden when he was the corporate fund’s chief executive officer, has joined UniSuper’s business systems committee as an independent member. The project is being managed by the self-administered fund’s technology division but supervised by the business systems committee, which oversees all of UniSuper’s business systems projects.
UniSuper’s $6 million Acurity overhaul
UniSuper chief executive Terry McCredden has called on the expertise of an old colleague from his Telstra Super days as part of a $6 million project which involves remediation of the Acurity administration platform adopted by the fund in 2006. Helen Radatti, former chief information officer at Telstra Super, who worked with McCredden when he … Read more
Celebration over, time to implement simple advice
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Funds are assessing the implications of the new simple advice relief, including further training for call centre staff, on the back of the Australian Securities and Investments Commission’s decision to allow super funds to provide limited personal advice to members. Last month, ASIC released regulatory guidance allowing licensed super fund trustees to give personal advice to members about their existing investment in a fund on certain limited topics.
