Queensland’s superannuation fund, LGIAsuper, has awarded Brandywine Global, an affiliate of Legg Mason, a $100 million emerging market debt mandate.
The funds would be invested via the Brandywine Global Sovereign Credit fund, which was first launched in 2012, and invests in bonds with high real yield.
The fund is measured against the Barclays Capital 60/40 Sovereign Credit Index and looks beyond short-term, conventional thinking to rigorously pursue long-term value, the firm said.
According to director of institutional business for Legg Mason, Colin Taylor, the fund managed to achieve results for investors by focussing on assets that were mispriced and trading significantly below measures of fair value.
“Brandywine Global also benefits by identifying investments that its macro research suggests could face positive information surprises,” he added.
“At LGIAsuper we are always looking for new ways to benefit our members and the mandate with Brandywine provides us a new opportunity to do this,” LGIAsuper chief executive, Kate Farrar, said.
“We are excited to see the benefits that this partnership with Brandywine Global will bring.”
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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