State Street Global Advisors gains IOOF mandate
IOOF has awarded State Street Global Advisors (SSgA) a $115 million active global equities mandate for its global managed volatility alpha strategy.
SSgA will manage the strategy as part of IOOF's multi-manager superannuation funds based on a benchmark unaware portfolio which is not directed by weightings in a traditional market capitalisation index.
The strategy aims to deliver strong returns while managing total return volatility at the portfolio level, using a base currency of AUD to assess currency risk for local investors, SSgA said.
"SSgA has worked with the IOOF MultiMix investment team for many years across a number of asset classes," SSgA managing director of relationship management Peter Mitchell said.
"We believe this strategy with its benchmark agnostic construction, high active share and its optimisation from an AUD currency perspective is a great fit for IOOF's multi-manager portfolio," Mitchell said.
This mandate replaces a $56 million SSgA minimum variance strategy previously in the portfolio.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
