West Australian public sector fund the Government Employees Superannuation Board (GESB) has awarded a number of mandates in its global government bond and global investment grade bond portfolios.
GESB acting chief investment officer Steve McKenna said Wellington Management Company, Franklin Templeton Investments Australia and PIMCO Australia will help manage investments in the two global bond categories.
The appointments mark a strategic reorganisation of GESB’s approach to managing its members’ fixed income investments, McKenna said.
“Segregating the broader fixed income asset class into two distinct categories allows GESB to shift towards a more global approach to investing and increase access to the more diversified set of opportunities available in the global investment grade credit markets,” he said.
Wellington was given a $706 million mandate for the global government bonds category, as well as a $432 million for the global investment grade bonds category.
Franklin Templeton was awarded a $714 million global government bonds mandate, while PIMCO received a $427 million global investment grade bonds mandate.
GESB has around $1.6 billion invested in global government bond investment strategies and nearly $1.8 billion invested in diversified fixed interest investment strategies.
