As a result of the review, CFS has terminated its $80 million mandate with Orion. Greencape Capital will now manage the $80 million boutique Australian equity mandate.
"FirstChoice provides advisers and clients value, service and choice. We conduct regular reviews of our mandates to ensure that the multi-manager portfolio on FirstChoice is professionally managed," a Colonial First State spokesperson said.
In December, Colonial First State terminated Pengana and GMO from the FirstChoice platform and added Renaissance to look after the property securities mandate and Schroders to look after the Australian small companies mandate.
