Victorian Funds Management Corporation (VFMC) has made billions of dollars worth of changes to its manager line-up, dumping mandates with Deutsche Asset Management (DAM), UBS Global Asset Management (UBSGAM) and Invesco.
VFMC has instead chosen to pour money into alternative asset managers AQR Capital and the Mellon Global Alpha Trust.
DAM lost a $1.19 billion Australian equities quant mandate, while Invesco lost a $1.4 billion active Australian shares mandate. UBSGAM lost a $320 million Australian equities mandate.
AQR Capital won a $278 million hedge fund mandate and Mellon won a $300 million hedge fund mandate.
VFMC's changes come at a time when institutional investors are increasingly beefing up their exposures to alternative assets at the expense of more traditional asset classes.
