Colonial First State (CFS) has reshuffled its FirstChoice Global Infrastructure Securities Fund after nearly four years in business.
Boutique Australian manager RARE Infrastructure won a $200 million mandate and New York-based international real estate securities manager Cohen & Steers nabbed a $100 million mandate.
"We're quite happy with RARE as they are a dedicated infrastructure manager and we felt they had the skills, experience and the depth of team we were looking for," CFS head of FirstChoice investments Scott Tully said.
"Cohen & Steers claim to be the first fund manager focusing on real estate and diversified into infrastructure, so we felt they had a good understanding of the sector."
As a result, Macquarie lost its $250 million mandate and the other original manager in the fund, Lazard, found its mandate reduced from $250 million to $200 million.
"The sector has developed a lot over the time that the portfolio has been running. We wanted to appoint managers that we had a greater confidence in," Tully said.
"There wasn't any standout issue with Macquarie, it was just a combination of new managers over old managers."
