Industry fund Prime Super has awarded AllianceBernstein (AB) a $140 million mandate to manage a short-duration global credit portfolio.
According to a statement, the portfolio is designed to protect Prime Super members’ fixed-income allocations in a volatile global interest-rate environment, in which there is an unusually wide dispersion between various countries in terms of their monetary policy settings and outlook.
“We are looking for a degree of protection from this uncertainty by investing in a portfolio of traditional fixed-income assets with relatively little duration, or exposure to interest-rate risk, but which has at the same time the potential for returns through a modest exposure to credit,” Prime Super chief executive Lachlan Baird said.
Commenting on the mandate win, AB chief executive for Australia, Jen Driscoll, said: "We are delighted to welcome Prime Super as a client and look forward to partnering with them in helping them to meet their members’ investment objectives."
November has seen the largest rise in investor confidence since June, according to State Street Global Markets, with the leap led by a chang...