Health fund MBF's financial division, ClearView Retirement Solutions, has dumped GMO Australia and UBS Global Asset Management (UBSGAM) from its Australian shares portfolio.
ClearView has hired quant manager Dimensional Fund Advisers in their place.
GMO and UBSGAM managed $92 million and $162 million respectively. Dimensional Fund Advisers will manage $190 million.
ClearView's decision to replace UBSGAM and GMO comes at a bad time for both managers, which have lost a series of key staff this year to boutiques.
Former UBSGAM head of Australian equities Paul Fiani left in early 2007 to form his own boutique, Integrity Investment Management. He took portfolio manager Shawn Burns, head of research John Moran and investment analyst Marcus Truman with him.
The manager also lost a $320 million Australian equities mandate with Victorian Funds Management Corporation in September.
GMO lost head of Australian equities Max Cappetta and head of equities research Anthony Corr in September. They left to jointly establish quant boutique Continuum Capital Management with former colleague Brett McElwee.
The manager has lost a series of investment mandates as a result.
ClearView, which is advised by Intech, manages over $2 billion.
