Industry superannuation fund AMIST Super has invested $12 million in a domestic fixed income mandate to be managed by BT.
At the same time, the superannuation fund has transitioned funds from BT's multi-manager product, the BT Wholesale Global Fixed Interest Fund, to the BlackRock Global Diversified Bond Fund.
"Our rationale behind the transition was that the BT fund invested into an equivalent BlackRock product. To simplify our management of the fixed income fund we believed that a direct investment into the BlackRock fund would simplify our fixed income management," AMIST Super chief executive John Livanas said.
The transition was managed by National Custodian Services and the superannuation fund.
Livanas said changes were needed in the benchmarking of fixed income products as the asset class did not have homogenous characteristics.
"A credit product behaves quite differently to a sovereign bond," he said.
