Public Trust To Outsource Equities Management
Public Trust is to outsource the management of $23 million of its $980 million total funds under management.
The search for a manager for Public Trust’s active Australasian equities and property investments has already begun, with implementation of the new arrangement timetabled for November.
Public Trust’s General Manager, Corporate Services, Rob Johnston, said the outsourcing decision followed a review of investment activities conducted by Mercer Investment Consulting.
“The review was part of a continuing process to benchmark ourselves against industry best practice. Mercer’s report highlighted the fact that equity management has become increasingly demanding and specialised. Outsourcing will give Public Trust customers greater access to industry specialists and the flexibility to retain only the top-performing managers”.
Mr Johnston said he expected the move to result in better returns for customers.