Industry fund AustralianSuper has added a large number of new managers, but awarded on average relatively small mandates, thereby increasing its diversification in investments substantially over the 12 months to 30 June 2011.
According to the super fund's 2011 annual report, total assets under management stood at $43 billion compared to $32.6 billion as at 30 June 2010.
This increase was helped by a number of mergers over the year, including the union with Westscheme.
AustralianSuper added five new Australian equity managers, including BNY Mellon-backed Ankura Capital, which was awarded $406.8 million, Bennelong Australian Equity Partners, with $158.5 million, Colonial First State Global Asset Management (CFSGAM) with $157.9 million and Vanguard Sustainability Leaders Australian Shares Trust, which received just $3.5 million.
It also added Fidelity Worldwide Investments which received $525.3 million, which has since been increased to $1billion.
The fund terminated just one manager: Vanguard Investors Australian Equities, which previously had $695.8 million.
In the international equities asset class, AustralianSuper added: AQR Global Enhanced Equity ($209.4m), Harding Loevner ($674.6m), Independent Franchise Partners ($785.2m), MFS Global Equity Trust ($90.4m), PanAgora Dynamic Global Equity Trust ($212.9m), RAFI Global Share fund ($90.3m), Schroders Emerging Markets Fund ($117.5m) and Vanguard Sustainability Leaders International Shares Trust ($1.8m).
It terminated three managers, including Acadian Asset Management (2010: $355.2m), SSGA Australia (2010: $705.5m) and T. Rowe Price Global Investment Services (2010: $743.8m).
In global fixed income, AustralianSuper added Challenger-backed Bentham Syndicated Loan Portfolio ($350.6m), Derby to Bunbury Natural Gas Pipeline ($100m), BCA Mezzanine Debt Trust ($5.9m), ITS Technology & Logistics Senior Term Loan ($9.7m), Loy Yang Power CPI Indexed Amortising Annuity Bonds ($13,6m), Perennial Investment Partners ($381.4m) and Schroder Investment Management ($328.8m).
It terminated Credit Suisse Asset Management Syndicated Loan Fund, which had $130.6m and Kapstream Absolute Fund, which managed $59.8m.
AustralianSuper also added 25 new private equity managers to its list, while terminating just one private equity manager.
But the size of the new mandates where relatively modest, with the highest new allocation being $9 million to Coates Meyer Capital Venture Trust No.4.
AustralianSuper also increased its exposure to property, adding 15 managers. The largest allocation was to Battye Street Unit Trust with $42.6m, while no property managers were terminated.
The super fund also boosted its infrastructure exposure, adding 19 new managers. The funds total exposure to infrastructure has risen from $3.8 billion in 2010 to $5 billion in 2011.
AustralianSuper held $3.1 billion in cash.
