Tasplan Super - Restructuring of Australian and Overseas Equities
11/05/05
Tasplan Super has announced the completion of a strategic review of its Australian and overseas share asset sectors. The General Manager of Tasplan, Mr. Neil Cassidy said, " following the merger of Tasplan with two NSW funds in 2003, we undertook a review of our equities sectors with a view to realigning investments with the fund's investment strategy and consolidating the number of investment managers. Implementation of the changes was completed during the first quarter of 2005.
As part of the Australian share restructure, Tasplan terminated investments managed by Deutsche Asset Management, MLC Implemented Consulting, Colonial First State, ING and State Street Global Advisors. It also reduced its investments with Maple-Brown Abbott. At the same time, Tasplan added investments managed by Portfolio Partners, 452 Capital (via Colonial First State) and Ausbil to its list of Australian share managers.
The review of the overseas share asset sector resulted in Tasplan retaining its investments with Barclays Global Investors, GMO and MLC Implemented Consulting, but terminating its investments with State Street Global Advisors, Credit Suisse and Putnam (via BT Financial Group). Tasplan added one new manager, seeding a currency-hedged investment with MFS Investment Management (via BNP Paribas).
Tasplan appointed Mercer's Transition Team to manage the transition of the Australian and overseas shares over a short period of time. Cassidy said, "We were very pleased with Mercer's transition approach which helped in minimising the transition costs and risks for the Plan. Tasplan's transitions were complex and Mercer's team was instrumental in minimising the operational risks, whilst also achieving considerable cost savings for the Plan. We look forward to similar high performance from our new manager line up."
Tasplan has begun the second stage of its strategic review focussing on property and alternative investment structures.
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