Industry fund BUSSQ has awarded a new mandate in Australian equities to boutique manager Plato Investment Management.
"This is our first long/short mandate in Australian equities, although we have been thinking about it for a long time," BUSSQ chief executive David O'Sullivan said.
O'Sullivan said the fund established the mandate, which would probably increase to $50 million, largely from cash flow.
The fund's overall allocation to Australian equities is 29 per cent of its portfolio.
The fund has made a number of investments over the past few months.
In July, BUSSQ terminated its $30 million emerging markets mandate with Lloyd George, hiring Lazard to manage a $35 million emerging markets mandate.
The fund also appointed Contango Asset Management to manage a $10 million micro cap mandate.
