After months of due diligence, Auscoal has awarded a mandate to Sydney-based investment manager Pengana Capital.
The superannuation fund for the coal mining industry has injected $50 million into the Pengana Global Volatility Fund.
"With the investment markets undergoing unprecedented levels of volatility, the Pengana Global Volatility Fund, being uncorrelated with the other asset classes, is well placed to perform well in this difficult environment," Pengana Capital chief executive Russel Pillemer.
This follows Queensland Investment Corporation topping up its mandate to the fund in July by $100 million, bringing its total investment to $250 million.
The Pengana Global Volatility Fund now has more than $600 million in funds under management.
The fund is run out of the United States and was developed in partnership with former Chicago Board Options Exchange director Alvin Wilkinson.
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