The Transport Workers Union (TWU) Super Fund is still waiting to finalise its property mandate with Eureka Funds Management, but has awarded four new mandates worth $170 million meanwhile.
The mandate with Eureka, worth $25 million, is yet to be settled following the departure of one of its founding directors, Rod Cowdroy.
"There has been a little hiccup in finalising our mandate with Eureka because of the key man risk issue. We are still in the process of making a final decision," Chief investment officer Andrew Killen said.
The fund has given Lazard Asset Management a $55 million global listed infrastructure mandate and Perennial Investment Partners a $55 million listed property trust mandate.
TWU Super has also funded Mellon with a $35 million global tactical asset allocation mandate and BGI with a $25 million unlisted equity mandate.
Killen said the fund is interviewing investment managers in the global unlisted property sector.
