Institutional Investors

Australian pension scheme Sunsuper terminates Everest after drop in AUM


Australian pension scheme Sunsuper announced its plans to terminate its $200 million mandate with Everest Financial Group as of 31 August.

Sunsuper's move follows the firm's reduction in assets under management and staff numbers. Everest said in a statement that the impact on firm's calendar year 2009 is expected to be immaterial. "The outcome is obviously disappointing, although we are pleased that the Sunsuper portfolio has out performed relevant equity and hedge fund benchmarks," said Jeremy Reid, chief executive officer of Everest.

Confident in the long-term industry fundamentals, the company has made some key