Rest backs internal global equities team with $300m mandate

Big retail industry fund, Rest has further backed its in-house investment capability, announcing funding of around $300 million into a mandate run by its internally managed global equities team.

The fund said it had plans to progressively increase the allocation over coming years with Rest interim co-chief investment officer, Kiran Singh saying the milestone mandate was the culmination of several years of extensive work to first identify and validate the opportunity, then build an expert team.

Singh noted that Rest had appointed Rick Mercado to lead the global equities function in November 2023 and had subsequently built an expert team of five, including portfolio managers Fredy Hoh and Anna Chen.

Singh says an internal global equities team provides additional benefits and insights to complement the work Rest does with its external managers.

“We believe that in-house management of global equities will not only deliver cost benefits for our members, but will also enhance the overall knowledge and expertisewithin our broader investments team,” he said.

“By continuing to expand our internal expertise, we bring additional specialist knowledge and perspectives in house. This can add value more broadly to the integration of responsible investing in our whole-of-fund approach.

Rest noted that it has a long history of internal management, with established capabilities across a range of asset classes, including cash, debt, Australian equities, infrastructure and property.