AUSTRALIA - AvSuper Fund has dropped US firm Wellington Management from its international equities mandate in favour of Independent Franchise Partnership (IFP) following a recent review.
The fund, which caters for workers in the aviation industry and others, has 5,700 members and A$1.15bn ($1.14bn)in assets under management.
The fund also runs international equities through GMO Emerging Markets, AQR Global Equities, MFS Investment Management, Walter Scott Global Equities and Genesis Investments.
A spokesman for AvSuper said: "IFP is a global equities manager which aims to generate attractive investment returns while minimising business and valuation risk, using the purchase of franchise businesses as their tool. They seek strong business franchises with intangible assets that can't be easily replicated with capital. The chosen franchises are positioned to meet customer needs for years or even generations."
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