Global asset manager, AllianceBernstein (AB) has been awarded a $140 million mandate by superannuation fund Prime Super to manage a short-duration global credit portfolio.
The portfolio aims to protect the fund's members' fixed income allocations in an uncertain global interest-rate environment.
Commenting, Prime Super chief executive, Lachlan Baird said "we are looking for a degree of protection from this uncertainty by investing in a portfolio of traditional fixed-income assets with the relatively little duration, or exposure to interest-rate risk, but which has at the same time the potential for returns through a modest exposure to credit".
AB chief investment officer for global credit, Ashish Shah, said the portfolio offers conservative interest-rate risks similar to bank deposits with a more diversified credit risk profile, and high potential return thanks to investment in corporate bonds.
The fund has announced three executive-level appointments, including a new chief investment officer.
The super fund has tapped a former Vanguard and Plato Investment Management executive to lead its fixed interest team.
The firm has grown its wealth management team with an experienced distribution specialist.
The $36 billion fund has announced the appointment of an experienced public sector executive leader.
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