Auscoal cuts Alliance Bernstein for two new mandates

Auscoal Super has added an investment manager to both its international shares and fixed interest portfolios, at the expense of Alliance Bernstein.

US-based global small cap company investment manager Copper Rock Capital Partners will add diversification to the international portfolio, Auscoal stated.

The Putnam Advisory Company, a large global bonds manager specialising across a range of global fixed interest securities, has been added to the fixed interest portfolio.

Auscoal chief executive Bruce Watson said he expected Copper Rock to “generate alpha through its quant/fundamental approach to security selection in the less efficient global small cap market and further diversify the international equity sector’s risks.”

The Putnam appointment was the result of Auscoal looking for a high quality manager with the skills to rotate through the various sectors of the global bond market, Watson added.

“The depth of Putnam’s team and their expertise in securitised loans was particularly attractive to Auscoal Super,” Watson said.

The funds for the new investments were sourced from a combination of redeeming an existing mandate with Alliance Bernstein, asset allocation rebalancing and cash inflows, the fund stated.