Industry superannuation fund Professional Associations Superannuation Fund (PASF) has overhauled its investment platform, adding a dozen new managers across a number of asset classes and lifting the number of investment options.
Cooper Investors, Concord Capital, Vanguard, Altrinsic, Zurich ,Trilogy, Genesis, LaSalle, Schroders, Vianova, BGI and PIMCO were all awarded new mandates from January this year.
They will manage PASF's assets across the Australian equities, international equities, global listed property, Australian fixed interest, international fixed interest, global inflation-linked bonds and cash asset classes.
"The trustee undertook an extensive review of the existing suite of managers in conjunction with its asset consultant, Watson Wyatt. As a result of that process a number of managers were terminated and a search for new managers across a range of asset classes occurred," PASF investment manager Paul Kessell said.
The investment managers retained were Dexus and Charter Hall in the Australian direct property asset class and Bridgewater, Holowesko, Harris Alternatives and Hastings in the alternatives asset classes.
Vanguard received the largest allocation, winning a 50 per cent stake in the Australian equities asset class and a 60 per cent portion of the international equities asset class.
"We made this decision to implement a 'core and satellite' strategy with Vanguard at its core," Kessell said.
BlackRock Solutions successfully managed the investment transition, he said.
PASF has almost $1.2 billion in assets under management and 450,000 members.
