Super fund awards $150 million fixed income mandate

April 24, 2018

US-based Payden & Rygel received a $150 million mandate from Queensland-based industry superannuation fund, Sunsuper.

Payden & Rygel will manage a customised version of its Payden Absolute Return Investment (PARI) strategy on behalf of Sunsuper.

The PARI is an actively managed global fixed income strategy without traditional benchmarks, aiming to generate stable returns over time regardless of the overall market’s performance; it’s the same strategy used in the management of the Payden Global Income Opportunities Fund.

Typically looking to provide yearly gross returns of 2-3% over the Bloomberg AusBond Bank Bill Index, in Sunsuper’s case it will seek to achieve, before fees, an excess return of 1.75%. It will be used by Sunsuper as an additional source of alpha to its internally managed cash plus strategy.

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