Industry superfund HESTA has awarded a $500 million mandate to IFM Investors, to be put into global indexed equities.
HESTA chief investment officer Rob Fowler said Australian superannuation funds “increasingly require access to bespoke global equity capabilities” and that HESTA is pleased to work with IFM on this strategy.
“We believe IFM Investors’ long-term focus will continue to benefit our members,” he added.
IFM chief executive Brett Himbury said the strategy is the result of “extensive collaboration” between IFM and its clients, and described the mandate as a “significant milestone” for the company.
“In a competitive landscape, the launch of a robust, cost-effective Global Indexed Equity strategy demonstrates our clients’ willingness to engage with IFM Investors in product development,” he said.
More to come: