Industry fund HESTA has allocated 10 per cent of its total international equities strategic asset allocation to long/short managers.
The health and community services industry fund this week announced it had appointed three global long/short managers with a total allocation of just under $300 million.
The managers are all United States-based and comprise Acadian Asset Management, Axa Rosenberg and AQR Capital Management.
Acadian was allocated $110 million and Axa Rosenberg and AQR were allocated the remaining $190 million between them.
HESTA investments and governance manager Robert Fowler said he was looking for the managers to achieve active returns of about 5 per cent above the benchmark.
"We have appointed three managers to ensure we have capacity with excellent managers to continue to invest HESTA's strong growth in assets," Fowler said.
HESTA has grown from $9.8 billion in funds under management midway through 2006 to almost $12 billion.
