Westscheme Superannuation has overhauled its $970 million Australian equities portfolio, terminating all previous managers and appointing four new ones.
The super fund has appointed Bennelong Australian Equity Partners, Macquarie Funds Group, BNY Mellon-affiliated Ankura Capital and Colonial First State Asset Management.
The revised Australian equities manager configuration has been designed so that managers provide similar excess return and risk contributions to the Australian equity sector, the fund said.
Bennelong Australian Equity Partners and Colonial First State Asset Management will each manage 14 per cent of the portfolio, while Macquarie Funds Group and Ankura Capital will each manage 36 per cent.
Westscheme has terminated its mandates with BlackRock and Barcalys Global Investors.
"Westscheme considers the incoming managers to be of high calibre, with robust investment processes and risk control frameworks," the fund said.
"Importantly, all incoming managers are utilising tax aware strategies," it said.
The incoming managers' performance and associated performance fee benchmark will be measured against a benchmark that is calculated gross of franking credits.
"In order to better align the interests of the incoming managers with those of Westscheme's members, the fee structures comprise a moderate base fee and meaningful performance fee component."
"The changes are an important modification to the investment approach in terms of introducing style and manager diversification while retaining a highly efficient portfolio configuration," the fund said.
