Industry super fund legalsuper has expanded its mandate with State Street as a part of its move to downgrade its active manager line-up and enlist a greater proportion of passive managers.
The $160 million mandate for legalsuper's international equity index fund was awarded after the fund questioned the extent to which higher active management fees led to outperformance, legalsuper chief executive Andrew Proebstl said.
Proebstl said the fund was aiming to increase the small passive holding it held within its choice index investment option, as most members were in the default option.
A further $37.5 million was awarded to Goldman Sachs Australian equity wholesale fund following redemptions from other existing Australian equity managers.
Andrew Proebstl said the refined manager line-up had been deployed with the assistance of the fund's investment consultant JANA.
