Industry superannuation fund AGEST has invested $150 million in Macquarie Funds Management's (MFM) True Index Cash Fund.
Industry superannuation fund AGEST has invested $150 million in Macquarie Funds Management's (MFM) True Index Cash Fund.
MFM previously managed the money in its enhanced cash option, however, due to the sub-prime crisis in the United States, the fund decided to shift to the index cash option.
"Members were not getting the type of returns that they expected from the enhanced cash option. This was because of the sub-prime issue in the US," AGEST chief executive Michael Seton said.
"Members wanted more certainty in their cash option. The index option will give them this certainty."
The fund also appointed US fund manager Turner Investment Partners to manage a $30 million international share mandate.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
A former colleague of mine once offered the opinion that industry superannuation funds are reconstructed socialists - despite their union influence, these funds have grown and benefited from a global capitalist world.... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
Catholics revamp fixed interest »
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Mercer backs alternatives »
Mercer has awarded $34.15 million in mandates to Tactical Global Management (TGM) and Lazard Asset Management to invest in alternative assets.
