The $60 billion Queensland Investment Corporation (QIC) has reviewed its US manager line-up terminating an $80 million mandate with Legg Mason.
The proceeds from the terminated mandate will be used to fund a US equity long/short mandate with Californian-based manager Aletheia.
"The inclusion of this manager is aimed at providing our clients with more efficient capture of active return and also serves to diversify our alpha driver," QIC head of implemented equities Greg Liddell said.
Legg Mason was part of QIC's 11 global equity manager line-up and was hired by QIC in September 2004.
QIC now plans to review its managers in the Asian equities portfolio.
