Following an internal review, Club Plus Super has appointed three new investment managers to handle its alternative asset and international equity fund allocations.

The winners from the mandate shakeout are Wellington Investment Management, Challenger-backed Kapstream Capital and Platinum Asset Management.

Kapstream and Wellington won mandates for the fund's defensive alternative asset allocation while Platinum received a mandate for the growth alternative asset and international equities allocations.

The new mandates were partly funded through the termination of existing mandates, and partly out of the fund's cash holdings, comprising partly of funds returned to Club Plus after the wind up of existing alternative funds.

"We got rid of Perpetual Diversified Infrastructure Fund; they went in May last year so money came out of that," Club Plus chief executive Paul Cahill said.

"In international equities, we got rid off Acadian [Global Equity Fund] and Barclays [Hedged International Alpha Equity fund]. Again, we funded some of that out of cash as well," Cahill said.

"We withdrew from the BGI Global Ascent fund , so we are still getting money back from that. The BT Global Return fund is winding down and we are getting money out of that. That is what has been used to fund up those [mandates]," Cahill said.

According to the Club Plus Super annual report for 2010, the fund had about $10 million in the BGI Global Ascent Fund and $270,000 in the BT Global Return fund as at 30 June last year.