Investment consultant Intech has made a series of changes to its Australian shares mandates.
It has terminated a $170 million mandate with Alliance Bernstein, a $40 million mandate with Concord Capital and a $50 million mandate with GMO.
Quant manager Dimensional Fund Advisers is the biggest winner, with Intech awarding the manager a $220 million Australian shares mandate.
Barclays Global investors will also run a $170 million Australian shares mandate for the firm as well as a fund in Intech's High Alpha Trust (HAT) worth $75 million.
Intech also appointed Orbis Investment Management to run a $25 million HAT portfolio.
"HAT's objective is to achieve higher returns over the long term by providing exposure to managers with high alpha potential," Intech said.
"To do this, [Intech] has selected a smaller number of managers than usual to manage the assets of the trust.
"The managers are predominantly privately-owned, low funds under management, emerging Australian shares managers who will manage to tailored, low-capacity, high alpha mandates."
