Industry superannuation fund Tasplan has restructured its Australian equities portfolio and appointed a new custodian and insurance provider.
The fund has terminated 452 Capital and Portfolio Partners and appointed Barclays Global Investors and Blackrock, each with an $88 million mandate.
Managers 452 Capital and Portfolio Partners were downgraded by the fund's asset consultant, Mercer.
"After the downgrade we had a look at them and decided to reallocate our portfolio to Barclays and Blackrock," Tasplan chief executive Neil Cassidy said.
Transition manager Mercer Sentinel managed the transition process to the new investment managers.
The fund also awarded a $25 million absolute return mandate to the Loomis Sayles Credit Opportunities Fund.
"Mercer suggested we have a look at the absolute return investment structures. Loomis Sayles gave us a chance to dip our toes into these alternative investments," Cassidy said.
Tasplan has also appointed National Custodian Services as its custodian and CommInsure as its insurance provider.
"Previously we had three different insurance policies for our members. We decided to get rid of the complexity and opt for one main insurance provider," Cassidy said.
The insurance tender was managed by Rice Warner. Tasplan has $1 billion in funds under management.
