BUSS(Q) has awarded a $50 million mandate to US growth manager T. Rowe Price, withdrawing the money from another growth manager which has had personnel problems.
State Super’s new chairman
BNY Mellon strategist and former Paul Keating adviser, Don Russell, has been appointed as the new chairperson of State Super.
LUCRF hires Mercer analyst to investment team
Labour Union Cooperative and Retirement Fund (LUCRF) has hired a senior analyst from Mercer to strengthen the independence of its internal investment team in making investment decisions, according to LUCRF chief executive Greg Sword.
…and dresses for distress with two opportunity mandates
Queensland-based $1.6 billion industry fund BUSS(Q) has “dipped its toes” into two distressed opportunities funds, identifying flailing debt-ridden companies as a means of boosting performance according to chief executive David O’Sullivan.
Apostle switches backoffice, puts Deon Joubert on compliance
Apostle Asset Management is transitioning administration and custody for its five Australian-domiciled funds and $6 billion under management to a new provider, and has contracted Deon Joubert, former boss of the winding-up Absolute Capital, to a compliance role.
Paradice creates COO, starts backoffice review
Paradice Investment Management has hired its first-ever chief operating officer, and put him straight on to a review of its system and outsourcing requirements.
R2 detour: Superpartners system replacement tender down to the wire
The right to administer six million superannuation accounts is up for grabs in what is arguably Australia’s largest ever tender for a financial services systems replacement.
Giving when the getting's good: report urges philanthropy uptake
A report from Australian researchers into philanthropy has found that the pace of wealth creation among Australia’s affluent far exceeds their levels of charitable giving.
NZ fund vetoes implemented consulting for $2bn of global shares
The New Zealand Government Superannuation Fund (GSF) has dumped plans to use an implemented consulting approach for its $2 billion international equities component, following a Chant West review.
Fall-out at Fisher, NZ’s biggest boutique
New Zealand’s most high-profile boutique manager, Fisher Funds, suffered a setback last week with the departure of chief investment officer and part-owner, Warren Couillault.
In search of an asset consultant fit for Print
Print Super, as the continuing fund in the merger with JUST Super, has called in Rice Warner Actuaries to run a full tender for its asset consulting contract, currently with Mercer Investment Consulting, while a tender for master custody will occur in the second half of 2008.
Rohan Hedley liquidates $US fund, but performance recovers
Former BT head of Australian equities, Rohan Hedley, is in the process of returning $25 million to investors from a US-denominated fund his Hayberry Investments boutique has decided to close.
