Zurich has revamped its manager line-up following a review of its investments after Deutsche Asset Management sold its Australian funds business to Aberdeen Asset Management.
In April, Aberdeen bought Deutsche's Australian fixed income and Australian equities portfolios for $148 million.
As a result of the sell off, Zurich has hired Aberdeen to manage the Australian fixed income funds and cash management for both its diversified and standalone funds.
The fixed income funds were previously managed by Deutsche.
The appointment will mean the domestic fixed interest team is re-united with the global fixed interest team, which was sold to Aberdeen in July 2005. This will generate global synergies," Zurich director of investments Matthew Drennan said.
The firm has also hired active managers Challenger and Schroder Investment Management, and passive manager State Street Global Advisors. All three investment manages have been hired to manage the Australian equities part of Zurich's diversified funds.
"All three equity managers are well recognised and respected. They are represented on multiple platforms," Drennan said.
