Smarter Money Investments lands $50m insto mandate
Boutique fixed-income fund manager Smarter Money Investments (SMI) has been awarded a $50 million institutional mandate and a five-star rating by Morningstar.
SMI's Smarter Money Active Cash fund returned 4.1 per cent to its wholesale investors after fees over the 12 months to 28 February, compared to the Reserve Bank of Australia's (RBA's) cash rate of 2.25 per cent.
SMI's co-chief investment officer, Darren Harvey, said the $50 million will spilt equally across Smarter Money Active Cash and the new Smarter Money Higher Income Fund.
"Over 70 per cent of SMI's funds under management is wholesale today, with investors increasingly seeking low-volatility, post-fee performance that provides them with an attractive real return above the rate of inflation and negligible interest rate duration risk," he said.
Harvey said the Smarter Money Active Cash fund invested its capital across Australian deposits and "investment grade" floating-rate notes with a target average "A" credit rating, targeting returns of one to two per cent over the RBA cash rate after fees, while the Smarter Money Higher Income Fund has delivered an annualised return of more than five per cent after fees.
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