Our Fund Managers
Fidelity International
Australian Equities
The FIL Limited group of companies, known as Fidelity International (Fidelity), was established 40 years ago and manages more than A$235 billion (as at 31 December 2009) for clients in Europe, the Middle East, Africa and Asia Pacific. Fidelity’s US affiliate, Fidelity Management and Research LLC, was founded in Boston in 1946 and is one of the world’s largest mutual fund companies. The two companies draw on each other’s extensive research capabilities that total more than 900 investment professionals, giving our portfolio managers access to detailed and timely analysis on more than 90% of the world’s largest listed companies.
The Fidelity Australian Equities discipline is underpinned by an investment team of nine based in Sydney and Hong Kong that employs a bottom-up, research-driven investment style. The portfolio manager favours stocks that are likely to generate better relative earnings and cash-flow growth than the market expects and seeks stocks whose return on capital is rising due to cyclical or structural improvements. The manager favours companies that possess good management, strong competitive advantages and favourable industry dynamics.
Orion Asset Management Ltd.
Australian Equities
Orion Asset Management is a boutique fund manager, providing high quality equity investment products to the wholesale and retail markets in Australia. It is a small, efficient, and flexible operation with a strong investment culture.
Orion is regarded as a growth-style manager, and identifies mis-priced stocks via a rigorous bottom-up fundamental research process, intensive use of technology, and proprietary valuation techniques.
The company was founded late 2002 by Tim Ryan, who has a long and successful track record in the investment industry. Tim was joined in early 2003 by John Lobb and Dushko Bajic, both former colleagues with extensive experience in senior investment roles. Orion is 42% owned by Treasury Group, a company listed on the Australian Stock Exchange, and 58% by staff. As at 31 December 2009, the firm had approximately A$5 billion under management.
Vanguard Investments Australia Ltd.
Australian Equities
International Fixed Interest
Australian Listed Property Trust
Cash
Rebalancing Manager
Established in 1975, The Vanguard Group Inc (US). manages over A$1.5 trillion and is one of the largest investment management companies in the world. Vanguard Investments Australia is a wholly owned subsidiary of The Vanguard Group Inc, and combines the skills of its team of Australian investment professionals with the strength of its parent.
In Australia, Vanguard had A$82 billion of funds under management as at 31 December 2009 and offers index funds in all major asset classes, including diversified funds. Vanguard's products are generally less than half the cost of comparable actively managed products.
Beyond its indexing sector specialist capabilities, Vanguard has developed a portfolio ‘rebalancing’ service. This service has been tailored to suit SSFS’s investment strategies and effectively and efficiently controls and directs all cash flows. This results in fewer transactions, lower costs and ensures the strategic asset allocation of each sector trust is maintained.
AllianceBernstein Australia Limited
Australian Equities
AllianceBernstein Australia Limited is a subsidiary of AllianceBernstein L.P.(AllianceBernstein), a leading global investment management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major markets around the world. AllianceBernstein employs more than 500 investment professionals with expertise in growth equities, value equities, fixed income securities, blend strategies and alternative investments and, through its subsidiaries and joint ventures, operates in more than 20 countries.
As at 31 December 2009, AllianceBernstein managed A$551 billion in assets, including A$334 billion for institutions.
Bernstein Value Equities (Bernstein)’ core investment philosophy is to purchase stocks with the most promising long-term earnings for the best price. Bernstein believes that investors frequently overreact to short-term events and, thereby, overestimate the long-term impact of current negative trends. This causes securities to become mispriced relative to their objective long-term earnings prospects, creating compelling buying opportunities. Bernstein relies on its quantitative and deep fundamental research capabilities to identify these opportunities.
BlackRock Investment Management (Australia) Limited
Australian Equities
International Equities
Australian Fixed Interest
BlackRock is one of the world’s pre - eminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary and individual investors around the world. With more than A$3.64 trillion* in assets under management, BlackRock offers a wide range of investment strategies and product structures to meet clients’ needs. These include individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs. Through BlackRock Solutions®, they offer risk management, strategic advisory and enterprise investment system services to a broad base of clients with portfolios totalling approximately A$7.6 trillion*. The firm employs more than 8,500 professionals in 24 countries around the world. For additional information, please visit the firm’s website at www.blackrock.com. *as at 31 December 2009
The aim of the BlackRock Global Equity Enhanced Index strategy is to outperform the MSCI World (ex. Australia) Index. The investment philosophy focuses on the belief that superior risk adjusted returns can be achieved by capitalising on a broad set of quantitative stock selection techniques and trading strategies designed to exploit predictable market anomalies. The Australian Equities and Fixed Interest mandates are based on the belief that an optimal investment outcome can best be achieved through Total Performance Management – understanding, measuring, forecasting and managing the three dimensions of investment performance – return, risk and cost. This is achieved by employing knowledgeable investment professionals and leveraging their skills through the extensive use of technology.
Walter Scott & Partners Limited
International Equities
Walter Scott & Partners Limited (Walter Scott) is a global equity investment manager serving institutional investors around the world including pension plans, foundations, public funds and financial organisations. It sub-advises a number of mutual funds and equivalent vehicles in the USA, Canada, the UK, Europe and Australia. The firm operates from a single location in Edinburgh where it was established in 1983.
Walter Scott is a wholly owned subsidiary of The Bank of New York Mellon (BNY Mellon). As of 31 December 2009, the firm managed A$35 billion in global, international and regional portfolios.
Walter Scott’s core conviction is that the return to a shareholder can, over the long term, be no more than the wealth generated by the underlying business. Original research to identify companies capable of sustained high rates of wealth generation lies at the heart of the firm’s investment process. This is the firm’s primary value-adding activity and is carried out by its own investment professionals. Portfolios are the result of stock picking and the firm's long term 'buy and hold' approach has led to low turnover. Resultant industrial and geographical structures reflect the firm's independent judgement rather than the composition of indices. Portfolios are managed by bringing together the skill, judgement and experience of Walter Scott’s entire investment team. Low staff turnover together with the long investment experience of the senior staff ensures consistency of philosophy, process and culture.
Epoch Investment Partners, Inc
International Equities
Epoch, a New York based US and global equity investment manager, was established in 2004 and is a listed public company. As of 31 December 2009, approximately 50% of Epoch’s shares were owned by the employees, executives and directors of the firm and Epoch had A$12.6 billion funds under management.
Epoch believes that a paradigm shift is taking place in the sources of return for investors in global equity markets and that the key to producing superior risk adjusted returns will be to focus on free cash flow, instead of traditional valuation measures such as Price-to-Earnings or Price-to-Book ratios. Epoch focus on companies generating free cash flow run by management committed to deploying that cash flow for the benefit of shareholders through dividends, share repurchases and debt reduction. Epoch define these uses of free cash flow (dividends, share buybacks and debt reductions) as “Shareholder Yield”.
Schroder Investment Management Limited
International Equities—Emerging Markets
The Schroders Group is one of the largest and most internationally diverse independent investment managers providing investment management, research and marketing services from offices located in 26 countries. While many financial institutions try to provide all things to their clients, Schroders specialise in just one - pure investment management. As at 31 December 2009 the Schroders Group managed investment assets of approximately A$266 billion worldwide.
In Australia, Schroders is a wholly owned subsidiary of Schroders plc, a publicly listed UK company descending from a group that can trace its origins in banking and finance back over 200 years. Financial services has been the core business for Schroders in Australia since 1961 and as at 28 February 2010 it managed A$16.3 billion across a broad range of asset classes.
Schroders has a balanced approach to investing in Emerging Market equities. They use a mix of top down analysis and bottom up stock selection and look to derive 50% of their added value from country allocation and 50% from stock selection. Fundamental research from their team of 32 highly experienced and locally based emerging market equities analysts forms the basis of the stock selection process and portfolios are constructed by three global Emerging Market fund managers focusing on their highest conviction ideas.
Challenger Financial Services Group Limited
Australian Listed Property Trust
Challenger Financial Services Group Limited (Challenger Group) is an ASX-listed investment manager firm established in 1985. Challenger Group is the foremost issuer of retail annuities in Australia and a leading provider of listed and unlisted investment products and services.
The Challenger Group offers significant depth and breadth of investment expertise, with an established team of in-house investment professionals as well as relationships with quality investment partners. The firm offers a range of quality products across a variety of asset classes and different investment styles. As at 31 December 2009 the Challenger Group had funds under management of A$22.9 billion.
Challenger’s investment approach identifies the major trends in the economy, and examines how these trends will influence financial and property markets. By analysing both global and domestic economic prospects, Challenger aims to position investment portfolios to take advantage of future economic developments.
RREEF
Global Listed Property Securities
RREEF Real Estate acquires and manages investments in commercial and residential property, and real estate securities on behalf of its institutional and private clients worldwide.
RREEF, as part of Deutsche Bank's Asset Management Division is headquartered in New York and employees 890 investment professionals in 13 cities around the world to help investors meet a wide range of objectives - from diversification, to preservation of capital, to long-term performance. RREEF has A$60.4 billion in total assets under management worldwide as at 31 December 2009, of which A$10.08 billion is managed by RREEF's Real Estate Securities team.
Cohen & Steers Capital Management, Inc.
Global Listed Property Securities
Cohen & Steers Capital Management, Inc. (Cohen & Steers) pioneered the field of listed property securities investing more than 20 years ago. Today the firm employs the largest global team of professionals solely dedicated to managing listed property securities portfolios. The size of the firm, the experience, depth and continuity of their team, and their time-tested, disciplined investment process aims to provide Cohen & Steers with a superior information advantage that they translate into investment decisions directly benefiting State Super Financial Services’ clients.
Founded in 1986, Cohen & Steers is a wholly owned subsidiary of Cohen & Steers, Inc., a public company listed on the New York Stock Exchange (NYSE:CNS). The firm is headquartered in New York and has offices in Hong Kong, London, Brussels and Seattle. As of 31 December 2009, the firm had A$26 billion in assets under management.
Cohen & Steers employs an integrated, relative value investment process that revolves around their proprietary fundamental research. Analysts scrutinize companies’ strategies, corporate structures, property quality and financial strength through market and balance sheet analysis, and time spent in the field interviewing management teams and viewing properties. Their analysts’ qualitative and quantitative assessments are incorporated into a proprietary valuation model that recommends a target weight for each security. Portfolio managers review those targets in concert with the analysts’ research, and make their final investment decisions in the context of risk control, diversification, liquidity and portfolio guidelines.
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LaSalle Investment Management (Securities) L.P.
SG Hiscock & Company
Global Listed Property Securities
LaSalle Investment Management (Securities) L.P. (LIMS) is a subsidiary of LaSalle Investment Management, Inc. (LaSalle), a leading global real estate investment manager with more than A$44.5 billion of public and private assets under management as at 31 December 2009, of which A$8 billion is invested in property securities as at 31 December 2009. LaSalle is a subsidiary of Jones Lang LaSalle, a publicly-traded company on the New York Stock Exchange that is one of the world’s leading real estate services and investment management firms, operating in over 180 markets in 60 countries on 5 continents.
Although ownership of its parent has evolved through a series of mergers, the LaSalle securities investment team has operated as an autonomous unit under the same leadership team based in Baltimore, USA, since its inception in 1985.
LIMS’ value-oriented investment strategy has remained consistent since inception, based on the belief that the long-term performance of real estate securities will be driven by the performance of their underlying assets and the ability of management to create value. LIMS has dedicated substantial resources to real estate and real estate securities research and analysis in order to understand these companies’ asset values, cash flows, long term growth rates and associated risks that ultimately determine the value of these firms.
SG Hiscock & Company (SGH), who manage the Australian component of the LaSalle Global Mandate, is a boutique specialising in Listed Property Trusts (LPT), Smaller Companies and Absolute Return strategies. Established in August 2001, it is 100% owned by its principals who have worked together for 14 years, and as at 28 February 2010, had total funds under management of approximately A$1.5 billion.
SGH’s value based investment process is a time tested, highly disciplined and low turnover approach which seeks to maximise the after tax return for investors. SGH seeks to take a long term property-like view of LPTs, investing in undervalued securities with a positive long term fundamental outlook.
Colonial First State Global Asset Management
Australian Fixed Interest
Colonial First State Global Asset Management is the consolidated asset management division of the Commonwealth Bank of Australia group, one of the largest financial institutions in Australia. Colonial First State Global Asset Management is Australia’s largest manager of Australian sourced funds, employing more than 200 investment professionals located in Sydney, London, Edinburgh, Singapore, Hong Kong, New York, Auckland and Jakarta.
Colonial First State Global Asset Management managed more than A$149 billion, as at 31 December 2009, across a diverse range of asset classes.
Colonial First State Global Asset Management’s overriding objective when managing fixed interest is to maximise income rather than trying to guess the capital value of securities over time. This objective comes from the nature of fixed interest securities, which have a known income stream, termination date and termination value. Their philosophy is to invest in securities that pay the most attractive yields after taking security and portfolio risk into account. Colonial First State Global Asset Management does not seek alpha from speculative decisions about future changes in yields or the possible time path of the capital value of securities. Rather they employ simple strategies that buy assets when they are paying a decent income and sell assets that are not providing enough of a pay-off for investment risk.
PIMCO Australia Pty Limited
International Fixed Interest
Founded in 1971, PIMCO has grown to be one of the largest specialist fixed interest managers in the world with A$1,112 billion of assets under management. PIMCO has its head office in Newport Beach, California and offices in Canada, Hong Kong, London, Munich, Tokyo, Sydney and Singapore.
PIMCO has managed Australian client portfolios since 1996 and established a Sydney office in 1998. PIMCO managed over A$31 billion of fixed income portfolios for Australian and New Zealand investors as at 31 December 2009.
In implementing this fund's objective, PIMCO applies a wide range of strategies including duration, credit analysis, relative value analysis, sector rotation and security selection. They emphasize active decision making with a long term focus. PIMCO avoids extreme swings in duration or maturity in order to create a low volatility stream of returns.
State Street Global Advisors Australia, Limited
Currency
International Equities
State Street Global Advisors (SSgA), the institutional asset management arm of State Street Corporation, has been providing comprehensive investment management services to investors in world markets for over 32 years. As at 31 December 2009, SSgA had funds under management globally of over A$2 trillion across a range of investment strategies and markets. SSgA Australia, Limited is the Australian affiliate of the SSgA group. SSgA Australia had funds under management of over A$78.9 billion, on behalf of Australian and New Zealand based clients, as at 31 December 2009.
SSgA Australia, Limited is the currency manager for SSFS and utilises rolling currency forward contracts with the objective of hedging 50% of the active currency positions of the underlying SSFS international equities.
SSgA also manages a passive international equities mandate for SSFS tracking the MSCI World (ex Aust) Index.
Aberdeen Asset Management Limited
Enhanced Cash
International Equities—Emerging Markets
Aberdeen Asset Management Limited is a wholly-owned, Australian-based subsidiary of Aberdeen Asset Management PLC, an independent asset management group founded in 1983 in Aberdeen Scotland.
Aberdeen’s business is the active management of financial assets, chiefly equities, fixed income and property. Aberdeen invests worldwide and follows a predominantly long-only approach, based on fundamentally sound investments. It packages its skills in the form of segregated and pooled products.
The Aberdeen Group has 31 offices in 26 countries around the world. It has had a presence in Australia since December 2000 and has grown organically and by acquisition since that time. The Australian business managed around A$19 billion as at 31 December 2009 for a range of global and domestic clients including listed investment companies, managed investment schemes and segregated mandates.
