CBA gives $200m mandate to UK equity firm

The Commonwealth Bank of Australia has awarded a $200 million global equity mandate to London-based equity firm Ardevora Asset Management.

The superannuation fund mandate will be managed by Ardevora founder Jeremy Lang, and partners William Pattisson, Gianluca Monaco and Ben Fitchew.

Ardevora was formed five years ago and has US$1.5 billion of assets under management.

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It runs four specialist equity strategies: global long-only, global long/short, UK long/short and UK equity income.

The firm uses cognitive psychology to exploit biases in three participants in the equity markets: company management, analysts and investors.

"We are extremely proud to be working with the CBA and it is a strong validation of the process we follow," Lang said.

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