Australia - The Tasmanian-based Retirement Benefits Fund Board (RBF) has appointed Perennial Investment Partners to manage a cash enhanced investment mandate.
The size of the initial mandate to Perennial from RBF was approximately $100 million.
“A diverse range of wholesale investors, from superannuation funds through to government bodies and corporations, have invested in cash enhanced strategies with us,” said Glenn Feben, the head of fixed interest at Perennial Investment Partners.
Perennial has now attracted over $1.5 billion in funds under management into its Cash Enhanced Trust.
“In a period where investors are looking for every little bit of extra alpha, cash enhanced strategies have proven to be very popular,” said Anthony Patterson, managing director of Perennial.
“For Perennial, the long-term and consistent performance track record of the Fixed Interest team has made our offering particularly attractive,” said Patterson.
Since its inception in August 2002, the Perennial Cash Enhanced Trust has delivered a return of 5.90%. This result has outperformed the UBS Warburg Bank Bill Index by 61 basis points per annum (as at 31 May 2005).
The Trust seeks to outperform general cash returns by adopting an active investment approach to interest rate management and credit strategies.
The Trust is rated AAf by Standard & Poors, with the minimum average weighted credit quality of the portfolio limited to “AA.”
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