QIC has awarded a US$390 million ($445.7 million) emerging market pure alpha mandate to fixed income specialist BlueBay Asset Management.
"QIC was seeking emerging market alpha, but at this stage of the economic cycle was not necessarily comfortable in being fully exposed to the emerging market beta," QIC head of global fixed interest David Field said.
Investment bank UBS, which structured the deal, said the deal was designed to enable QIC to get exposure to the alpha-generating ability of BlueBay's emerging market product, but with limited beta exposure.
QIC is one of Australia's largest institutional fund managers with more than $55 billion under management for its Australian and overseas clients.
BlueBay is based in the United Kingdom and is one of the largest managers of fixed income credit funds and products in Europe.
It has about US$11 billion ($12.6 billion) under management.
