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Legalsuper redeems hedge fund mandate
Legalsuper has redeemed a $38 million mandate with hedge fund manager Aurora LLC, according to fund chief executive Andrew Proebstl.
The funds will be integrated back into legalsuper’s equities portfolio as part of a shift to slightly increase equities exposure in the fund’s diversified options, Proebstl said.
The shift was decided as part of the outcome of a review with legalsuper’s asset consultant, JANA, which was completed in December, he said. This will likely result in further funds being redirected towards equities, he added.
Legalsuper still has a couple of other smaller hedge fund mandates that are ongoing, Proebstl said.
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