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From Matthias Knab, Opalesque Europe: Earlier in July, we already reported that the Australian REST Superannuation redeemed $350m from the Mesirow Absolute Return Fund and invested $150m and $75m with Babson Capital Management and Putnam respectively to develop its structured credit securities portfolio. The rest was placed in cash.
According to Financial Standard, the $1 billion CitySuper - the superfund for current and
former employees of Brisbane City Council - has terminated two mandates within its alternative investments portfolio. CitySuper ended a $10 million investment with State Street Global Advisors, and a $20 million allocation to BGI's absolute return fund. Guy Rundle, investment relationship manager at CitySuper told Financial Standard the superfund would undertake a yearly review of its investment strategy in August.
The $5.6 billion NSW Local Government Superannuation Scheme LGSS has pulled its entire
$425 million allocation to hedge funds. In recent months, redemptions have been made to fund of
hedge funds run by BlackRock, Warrakirri and FRM Investment Management, with LGSS disappointed by the funds' correlation with listed markets, according to I&T News.
In the case of traditional superfund investors, instead of investing via a Fund of Funds product,
some superfunds are investing directly into single managers. Effectively, the portfolio team within the
superfund, and to a lesser extent their asset consultant, is creating an internal Fund ...................... To view our full article Click here
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