State Super Financial Services, the financial planning arm of State Super and ARIA, has awarded a $110 million global listed property mandate to United States manager Cohen and Steers.
It is the firm's first global institutional mandate from Australia. It follows additional mandates from Intech for a European-listed property portfolio as part of its multi-manager fund, and investments by smaller institutions in Australian global listed property funds managed by Cohen and Steers.
The fund manages high-income equity portfolios, specialising in global real estate securities, preferred securities, utilities and large cap value stocks. It had $40.7 billion in funds under management at June 2007. The firm launched two global listed property funds to Australian investors in February this year. They are the Cohen and Steers Global Listed Property Fund, which excludes Australian listed property trusts, and Cohen and Steers Global Listed Property Fund.
