Colonial switches managers

By Christine St Anne
Wed 17 Dec 2008

Wealth management group Colonial First State has terminated Pengana and GMO from its FirstChoice platform.

Pengana and GMO had managed the property securities and Australian small-cap mandates respectively.

Renaissance will now manage a $300 million property securities mandate and Schroders will look after a $54 million Australian small companies mandate.

The changes were due to an ongoing review of managers on the platform, Colonial First State head of FirstChoice investment Scott Tully said.

"Our review process ensures that we appoint managers that give us a better chance for outperformance," Tully said.

He said staff changes had affected Pengana and GMO, which in part led to the review.

Go to today's InvestorWeekly news

More stories by this author