AUSTRALIA - The AUD4.4bn ($2.2bn) Public Sector Superannuation Scheme (PSS) and the AUD5.9bn ($3bn) Commonwealth Superannuation Scheme (CSS) have appointed Total Risk Management (TRM) as their investment advisor. For the next three years, TRM will provide risk monitoring, investment research and performance reporting for both schemes.
The schemes also appointed John A. Nolan & Associates to assist with investment manager selection and monitoring with respect to Australian and international equities, fixed interest and Australian property.
Wilshire Australia was also appointed to advise the PSS and CSS on new Australian private equity investments and will monitor the schemes’ existing Australian private equity commitments. The schemes’ boards will also engage organisations with specialist expertise in the field of private equity on a case-by-case basis.
Chairman of the PSS and CSS boards, Peter Reynolds, said that the above appointments were made after the consideration of 25 proposals from which 11 firms were shortlisted.
The PSS and CSS will undertake a major review of their investment strategies in the first half of 2002 in a move that may result in some changes to the schemes’ investment manager line-up.
The new arrangements will be implemented progressively during the first quarter of 2002.
By Janet Du Chenne
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