LGIA Super shuns insourcing but pares manager roster
The Australian retirement fund’s CIO wants to keep all of his portfolio with external firms. He says that it has become easier to negotiate lower manager fees as some peers internalise.
Despite the shift by sovereign wealth funds and pension plans towards more insourcing of portfolio management and direct investment via in-house teams, some asset owners are happy to buck that trend.
Australia’s LGIA Super, the A$13 billion ($8.4 billion) retirement fund for Queensland government employees, is one such institution.
“We are a fully outsourced investor and we’re not looking to internalise anything,” said chief investment officer Troy Rieck, who is overseeing vario…
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