An unnamed capital city council has awarded a $20 million mandate to retail fund manager All Star Funds.
The fund manager, backed by Professional Investment Services (PIS), secured the multi-million dollar mandate in late December 2009 for its All Star IAM Australian Share Fund, All Star managing director Kate Mulligan said.
"We're optimistic that we will be expanding that relationship as well as securing further institutional clients," Mulligan said.
"It confirms our selection of Independent Asset Management as the investment manager of the fund."
PIS chief executive Robbie Bennetts said the mandate has increased All Star's funds under management to $150 million.
"It's great to see them getting such good results. It's very pleasing," Bennetts said.
All Star's other funds, the Allstar Income Fund and Allstar Nomura China Fund, are managed by Kaplan Funds Management and Nomura Asset Management, respectively.
