Industry fund CareSuper has topped up its existing Australian equities mandate with the industry fund-backed Industry Funds Management (IFM).
IFM will now manage $270 million on behalf of CareSuper, up from $170 million.
As a result, GMO Australia's mandate has fallen by one-third and it will now manage around $50 million.
CareSuper general manager of investments Greg Nolan said the decision was made to reshuffle the Australian equities mandates because of disappointment with the quantitative process.
"We felt we had too much in the quant style," Nolan said.
Last year, the $4 billion fund terminated a $160 million mandate with Challenger and appointed Solaris and IFM to manage the Australian equities mandate.
