Industry superannuation fund Asset Super has completed the restructure of its investment options with the appointment of AMP as the manager of it socially responsible investment (SRI) option, replacing Maple-Brown Abbott.
Following research by its asset consultant, Mercer, the trustee decided to invest in a balanced fund that employs a specific socially responsible screen across all of the standard asset classes.
As a result, AMP Capital's Responsible Investment Leaders Balanced Fund won the $23.7 million mandate.
The AMP fund offers a diversification of investments with the objective of achieving moderate to high returns with medium levels of volatility over the long term. AMP managed the fund through its investment and ethics committees, Asset Super said.
Maple-Brown Abbott had been using a positive screen for investments across Australian equities and property, but without any specific screen for other asset classes, such as international shares and bonds, which formed the balance of the SRI option.
The SRI option excludes investments that involve armaments, liquor, gambling or tobacco.
In September, Barclays Global Investors replaced State Street Global Asset Management in handling the $120 million Australian fixed interest mandate.
The fund also consolidated its Australian equity managers, distributing the $50 million Challenger portfolio among the existing managers - Tyndall, Quest, Integrity and Alleron.
