Superannuation fund MAP Funds Management has revamped its Australian equity manager line-up, hiring four managers and terminating three. The fund has hired MIR Investment Management, the Schroders Quantitative Fund, Mellon and Acadian Asset Management. The fund will use Mellon and Acadian's 130/30 strategies. MAP terminated its mandates with Maple-Brown Abbott and the Schroders Australian Equities Fund.
"We felt we were not getting enough alpha from our previous Australian equity managers. We wanted to achieve 150 basis points above the index. So we took a step back and assessed our managers," MAP general manager of investments Clive Briggs said. In a separate decision, the fund terminated its mandate with UBS Asset Management. "We could no longer communicate,' Briggs said.
The fund's investment decisions are managed internally, although Briggs said MAP used asset consultant Counterpoint as additional support. Queensland-based MAP is the superannuation fund for doctors and dentists. Its seven-person investment committee includes Queensland Investment Corporation head of strategy Brad Holzberger. The fund has about $400 million in funds under management.
