PSS/CSS confirm new international equity manager configuration
The Public Sector and Commonwealth Super Schemes (PSS/CSS) today confirmed a new configuration of international equity managers following a review of this asset class conducted by the PSS/CSS Boards. Twenty-five per cent (25%) of the PSS/CSS Funds are invested in international equities.
PSS/CSS Chief Investment Officer, Mr André Morony, said: “The new manager lineup reflects the Boards’ decision to move to global instead of regional mandates, and also to increase the actively-managed component of international equities to 90% with the remaining 10% being passively managed.
“It also fully implements the Boards’ strategic asset allocation decision to reduce its emerging markets specialist manager exposure to five per cent of the international equity asset class.
“The new configuration was chosen in consultation with the Funds’ consultant on manager selection, JANA Investment Advisers Pty Limited. It was designed to be largely style-neutral and will remain slightly overweight to emerging markets."
The active international equity (developed country) managers are:
- Wellington;
- Bank Of Ireland (BIAM);
- Axa Rosenberg;
- Marathon; and
- Marvin & Palmer.
The active emerging markets manager is Deutsche Asset Management.
Vanguard continues to manage the PSS/CSS Funds’ passive international equities exposure.
The PSS and CSS are two of Australia’s leading super funds which:
- provide retirement benefits and superannuation services to over 261,000 members Australia-wide;
- have around $10 billion funds under management; and
- safeguard the long-term interests of members through Australia’s first and leading comprehensive governance program, launched in 2001.
10 March, 2003
