Industry funds-backed IFM Investors has broken ground on support for its recently-launched global index strategy.
The fund manager announced today that it had received its first mandate for the strategy with $500 million received in-specie from HESTA.
The global indexed equity strategy is the result of extensive collaboration between IFM Investors and its Australian clients, and chief executive Brett Himbury said the new mandate with HESTA is a significant milestone for IFM Investors.
"In a competitive landscape, the launch of a robust, cost-effective global indexed equity strategy demonstrates our clients' willingness to engage with IFM Investors in product development," he said.
Commenting on the mandate, HESTA chief investment officer, Rob Fowler said Australian superannuation funds increasingly required access to bespoke global equity capabilities.
"We believe IFM Investors' long-term focus will continue to benefit our members," he said.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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