Advance Asset Management (Advance) has hired Franklin Templeton Investments Australia as an underlying manager for its International Fixed Interest Multi-Blend Fund.
As a result of Franklin Templeton's appointment, Advance has dropped manager Newton Investment Management.
"Franklin Templeton's processes, experience and strong record in global fixed interest management gives us a lot of confidence," St George Investment Solutions (SGIS) general manager Patrick Farrell said.
The move follows regular reviews of the fund manager's investment style, process and performance, he said.
Franklin Templeton joins Standish Mellon within the Advance International Fixed Interest Multi-Blend Fund, where the allocation of the Fund will be 50/50 per cent.
This sees an increase of 10 per cent to Standish Mellon's fund allocation due to their demonstration of strong absolute and relative returns.
Both managers have a multi-sector mandate against the Lehman Global Aggregate in order to effectively adapt to changing market conditions by adjusting weighting between sovereign, credit and other sub sectors to enhance performance.
The changes to the Advance International Fixed Interest Multi-Blend Fund are effective from late this month.
The change to Franklin Templeton is consistent with Advance's approach of providing the best managers to investors and blending their investment skills to deliver consistent and superior returns.
Advance Asset Management is St George Bank's specialist funds management arm.
