Investment managers

We employ a diversified group of external investment managers to invest your funds. We typically have multiple investment managers in each asset class to mitigate the risk of having a concentrated exposure to a particular investment manager or investment style.

  • Investment Managers
    • How we work with investment managers

      How we work with investment managers

      Investing in Australia and overseas is complex - so we use professional investment managers.

      Our investment managers specialise in buying, selling and analysing specific types of investments, or asset classes.

      Our investment managers decide which assets to buy and sell

      Our investment managers buy and sell assets on our behalf. For example, our investment managers for Australian Shares work within our risk guidelines to decide which companies to buy and sell Shares in, and then place orders for those Shares.

      We usually have more than one investment manager for each asset type

      This approach means we can use the skills of a range of investment managers based globally, without concentrated influence from a particular manager or investment style. It allows us to maintain a balance of assets across a range of investment managers, which helps us achieve our long-term investment goals.

      Our asset consultant recommends investment managers

      Our asset consultant has an in-depth understanding of investment markets and uses a thorough, detailed process to find the right investment managers. Our asset consultant looks for the investment managers which have defined investment approaches and are most likely to help us achieve long-term returns.

      We regularly review our choice of investment managers. We check their risk and return profiles and make sure they meet our expectations.

      For more information see our investment governance statement and approach to responsible investing.

      The WA State Government plays a role

      Under the State Superannuation Act 2000, the State Treasurer needs to approve:

      • Prudential guidelines for investments that cover the kind of investments that the Board can make
      • How we appoint investment managers
      • The regulations that affect the financial rights and obligations of the Crown

      Learn more about our investment managers

      We’ve listed the investment managers we use for each asset class. Find out more about each investment manager, including an interesting fast fact.

  • Australian Shares
    • Northcape Capital

      Northcape Capital

      Fast fact:

      Northcape specialises in managing high-conviction portfolios of quality Australian companies. Through rigorous fundamental research, it selects businesses with strong balance sheets, proven management, attractive growth prospects, and durable competitive advantages to build a style-agnostic portfolio that delivers consistent alpha generation.

      Mandate:

      To manage an active portfolio of Australian equities.

      Northcape Capital logo

    • Pendal

      Pendal Institutional Limited

      Fast fact:

      Pendal’s Australian Equity portfolios are managed in a ‘core’ investment style. This enables Pendal to deliver consistent outperformance, regardless of market trends, through active stock selection and company research.

      Mandate:

      To manage an active portfolio of Australian equities.

      Pendal Institutional Limited logo

    • Perpetual

      Perpetual Investment Management Limited

      Fast fact:

      Perpetual Investment Management Limited adopts an investment style based on bottom-up fundamental analysis, seeking quality companies with sound management, conservative debt levels, recurring earnings and a quality business.

      Mandate:

      To manage an active portfolio of Australian Equities.

      Perpetual Investment Management Limited logo

    • Solaris

      Solaris Investment Management Limited

      Fast fact:

      The empowered analyst model is designed to produce long-term consistent 'alpha' generation with crystal clear performance attribution. Solaris is a 'bottom up', style-neutral Australian Equity manager that designates analysts to be the portfolio manager for their sector.

      Mandate:

      To manage an active portfolio of Australian equities.

      Solaris Investment Management Limited logo

    • Spheria

      Spheria Asset Management Pty Ltd

      Fast fact:

      Spheria Asset Management Pty Limited (Spheria) has developed a leading-edge technology system that allows it to efficiently review and analyse a company’s financial history using data from third-party providers. This provides Spheria with a consistent template to model listed companies in Australia, New Zealand and many international markets.

      Mandate:

      To manage an active portfolio of Australian small to medium-sized capitalisation equities.

    • Vinva

      Vinva Investment Management Limited

      Fast fact:

      Vinva is a quantitative style manager.

      Mandate:

      To manage an active portfolio of Australian equities.

      Vinva Investment Management Limited logo

  • International Shares
    • BlackRock

      BlackRock Investment Management (Australia) Limited

      Fast fact:

      BlackRock’s purpose is to help more and more people experience financial wellbeing. As a fiduciary to investors and a leading provider of financial technology, they help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

      Mandate:

      To manage indexed portfolios of global equities.

      BlackRock Investment Management (Australia) Limited

    • C Worldwide

      C Worldwide Asset Management

      Fast fact:

      C Worldwide Asset Management (CAM) refers to their investment approach as trend-based stock picking. It is a trend/theme influenced top-down framework combined with a bottom-up stock-picking approach.

      Mandate:

      To manage an active portfolio of global Equities.

      C Worldwide Asset Management logo

    • Causeway Capital

      Causeway Capital Management LLC

      Fast fact:

      All of Causeway's strategies are managed through a fusion of fundamental and quantitative research disciplines.

      Mandate:

      To manage an active portfolio of global Equities.

      Causeway logo

    • Mesirow Financial

      Mesirow Financial Investment Management, Inc.

      Fast fact:

      Mesirow Financial is a leading, independent currency specialist, delivering customised risk management solutions to institutional clients globally since 1990.

      Mandate:

      To manage a passive currency hedge over GESB's international Equity portfolio.

      Mesirow Financial Investment Management, Inc. logo

    • Ninety One

      Ninety One

      Fast fact:

      Ninety One is a specialist investment manager.

      Mandate:

      To manage an active portfolio of emerging market Equities.

      Ninety One logo

    • Schroders

      Schroder Investment Management Limited (Schroders)

      Fast fact:

      Schroders is a quantitative-value and quality-style manager.

      Mandate:

      To manage an active portfolio of Global Equities.

      Schroder Investment Management Limited (Schroders) logo

    • Vinva

      Vinva Investment Management Limited

      Fast fact:

      Vinva is a quantitative-style manager.

      Mandate:

      To manage an active portfolio of global equities.

      Vinva Investment Management Limited logo

  • Private Equity
    • Mesirow Financial

      Mesirow Financial Investment Management, Inc.

      Fast fact:

      Mesirow Financial is a leading, independent currency specialist, delivering customised risk management solutions to institutional clients globally since 1990.

      Mandate:

      To manage a passive currency hedge over GESB's international Equity portfolio.

      Mesirow Financial Investment Management, Inc. logo

    • StepStone Group

      StepStone Group, LP

      Fast fact:

      StepStone Group covers the global private markets across multiple sectors and operates from 24 offices in 15 countries.

      Mandate:

      To manage a global Private Equity portfolio.

      StepStone Group, LP

  • Property
    • Aberdeen Investments

      Aberdeen Investments

      Fast fact:

      Aberdeen Investments has GBP43.2 billion under management in real estate, investing in 22 countries, with a focus on environmental, social and governance (ESG).

      Mandate:

      To manage a portfolio of European Unlisted Property assets.

      Aberdeen Investments logo

    • BlackRock

      BlackRock Investment Management (Australia) Limited

      Fast fact:

      BlackRock’s purpose is to help more and more people experience financial wellbeing. As a fiduciary to investors and a leading provider of financial technology, they help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

      Mandate:

      To manage an indexed portfolio of global listed property securities.

      BlackRock Investment Management (Australia) Limited

    • Charter Hall

      Charter Hall Investment Management Limited

      Fast fact:

      As of 31 December 2022, Charter Hall had more than $3 billion invested alongside their capital partners, because they believe that fundamental to long-term success, is mutual success.

      Mandate:

      To manage a portfolio of domestic Unlisted Property assets.

      Charter Hall Investment Management Limited

    • Dexus

      Dexus Capital Funds Management Limited

      Fast fact:

      Dexus is a leading, fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at $61 billion.

      Mandate:

      To manage a portfolio of assets in the Unlisted Retail Property sector.

      Dexus logo

    • GPT

      GPT Funds Management Limited

      Fast fact:

      The GPT Group (GPT) was Australia’s first property trust when it listed on the Australian Securities Exchange in 1971.

      Mandate:

      To manage a portfolio in the Unlisted Office Property sector.

      GPT Funds Management Limited

    • Invesco

      Invesco Australia Limited

      Fast fact:

      Invesco is an independent firm, solely focused on investment management. They direct all their intellectual capital, global strength and operational stability towards helping investors achieve their long-term financial objectives.

      Mandate:

      To manage a portfolio of US core, Unlisted Real Estate assets.

      Invesco Australia Limited

    • Lendlease

      Lendlease Investment Management (Australia) Pty Limited

      Fast fact:

      Lendlease’s Australian funds management platform is a leader in sustainability and each of its flagship funds has a responsible Property investment strategy in place.

      Mandate:

      To manage a portfolio of assets in the Unlisted Retail and Office Property sectors.

      Lendlease Investment Management (Australia) Pty Limited logo

    • Mesirow Financial

      Mesirow Financial Investment Management, Inc.

      Fast fact:

      Mesirow Financial is a leading, independent currency specialist, delivering customised risk management solutions to institutional clients globally since 1990.

      Mandate:

      To manage a passive currency hedge over GESB's international Equity portfolio.

      Mesirow Financial Investment Management, Inc. logo

    • Patrizia

      PATRIZIA Property Investment Managers LLP

      Fast fact:

      PATRIZIA is the leading global partner for pan-European real estate investment.

      Mandate:

      To manage a portfolio of UK Unlisted Property assets.

      PATRIZIA Property Investment Managers LLP logo

    • QIC Limited

      QIC Limited

      Fast fact:

      QIC is a Queensland Government-owned corporation.

      Mandate:

      To manage a portfolio of assets predominantly in the unlisted retail sector.

      QIC Limited

    • Resolution Capital

      Resolution Capital Limited

      Fast fact:

      Resolution Capital adopts a multi-portfolio manager approach for its portfolio construction.

      Mandate:

      To manage a diversified portfolio of global Listed Property securities.

      Resolution Capital logo

  • Infrastructure
    • BlackRock

      BlackRock Investment Management (Australia) Limited

      Fast fact:

      BlackRock’s purpose is to help more and more people experience financial wellbeing. As a fiduciary to investors and a leading provider of financial technology, they help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

      Mandate:

      To manage an indexed portfolio of global listed infrastructure securities.

      BlackRock Investment Management (Australia) Limited

    • Brookfield

      Brookfield Asset Management

      Fast fact:

      Brookfield Asset Management invests in high quality businesses that form the backbone of the global economy.

      Mandate:

      To manage a portfolio of global, unlisted infrastructure assets.

      Brookfield Asset Management

    • ClearBridge

      ClearBridge Investments Limited

      Fast fact:

      ClearBridge’s infrastructure team are infrastructure specialists managing funds, not fund managers managing infrastructure.

      Mandate:

      To manage an active portfolio of globally listed infrastructure securities.

      ClearBridge Investments LLC logo

    • IFM

      IFM Investors Pty Ltd

      Fast fact:

      IFM invests on behalf of many Australian super funds with members collectively representing more than half of all Australian workers.

      Mandate:

      To manage a portfolio of global, unlisted infrastructure assets.

      IFM Investors logo

    • Mesirow Financial

      Mesirow Financial Investment Management, Inc.

      Fast fact:

      Mesirow Financial is a leading, independent currency specialist, delivering customised risk management solutions to institutional clients globally since 1990.

      Mandate:

      To manage a passive currency hedge over GESB's international Equity portfolio.

      Mesirow Financial Investment Management, Inc. logo

    • Morrison

      Morrison

      Fast fact:

      Morrison is one of the world's longest standing, highest performing infrastructure investors. Morrison applies its specialist investment approach, refined over multiple decades and economic cycles, to invest in infrastructure for the modern economy.

      Mandate:

      To manage a portfolio of global, unlisted infrastructure assets.

      Morrison

  • Medium Risk Alternatives
    • Bain Capital

      Bain Capital Credit, LP

      Fast fact:

      Bain Capital Credit is a specialist high yield credit manager.

      Mandate:

      To manage an active portfolio of high yield credit securities.

      Bain Capital Credit, LP logo

    • BlackRock

      BlackRock Investment Management (Australia) Limited

      Fast fact:

      BlackRock’s purpose is to help more and more people experience financial wellbeing. As a fiduciary to investors and a leading provider of financial technology, they help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

      Mandate:

      To manage a multi-strategy absolute return fund.

      BlackRock Investment Management (Australia) Limited

    • Challenger

      Challenger Investment Management

      Fast fact:

      Challenger Investment Management Fixed Income specialises in Australian private and public credit.

      Mandate:

      To manage an Australian, private credit portfolio.

      Challenger logo

    • RenaissanceRe

      RenaissanceRe Fund Management Ltd

      Fast fact:

      RenaissanceRe is a global provider of reinsurance and insurance. RenaissanceRe’s Capital Partners team offers investment opportunities in insurance-linked instruments that have low correlation to the broader securities market.

      Mandate:

      To manage a diversified portfolio of insurance-linked securities.

      RenaissanceRe Fund Management logo

    • Schroders

      Schroder Investment Management Australia Limited (Schroders)

      Fast fact:

      Schroders specialise in asset management.

      Mandate:

      To manage a diversified portfolio of securities and asset classes with an inflation plus four to five percent return objective.

      Schroder Investment Management Limited (Schroders) logo

  • Investment Grade Bonds
    • Macquarie

      Macquarie Investment Management Global Limited

      Fast fact:

      Macquarie is one of the largest Fixed Interest managers in the Australian market.

      Mandate:

      To manage an active portfolio of Australian Investment Grade Government Bonds and Credit Securities.

      Macquarie Investment Management Limited logo

    • PIMCO

      PIMCO Australia Pty Ltd (PIMCO)

      Fast fact:

      PIMCO is one of the world’s premier Fixed Income investment managers.

      Mandate:

      To actively manage a portfolio of investment-grade global Government Bonds and global Credit Securities.

      PIMCO Australia Pty Ltd (PIMCO) logo

    • Wellington

      Wellington Management Company, LLP

      Fast fact:

      Wellington is one of the world's largest independent investment management firms.

      Mandate:

      To manage an active portfolio of investment grade global government bonds and credit securities.

      Wellington Management Company, LLP logo

  • Defensive Alternatives
    • Ardea

      Ardea Investment Management

      Fast fact:

      Ardea is a Fixed Income manager specialising in pure ‘relative value’ strategies.

      Mandate:

      To manage a portfolio of primarily government, Fixed Income securities that are rated investment grade.

      Ardea Investment Management logo

    • Coolabah Capital

      Coolabah Capital Institutional Investments Pty Ltd

      Fast fact:

      Coolabah has one of the largest investment teams in Australian investment-grade credit.

      Mandate:

      To manage an active portfolio of Australian and global Investment Grade Government Bonds and Credit Securities.

      Coolabah Capital logo

    • Daintree

      Daintree Capital Management Pty Ltd

      Fast fact:

      Founded in 2017, Daintree has become one of the fastest growing Australian Fixed Income boutiques.

      Mandate:

      To manage an absolute return portfolio of primarily investment-grade, Fixed Income securities.

      Daintree Capital Management logo

    • Jamieson Coote Bonds

      Jamieson Coote Bonds

      Fast fact:

      Jamieson Coote Bonds is a Fixed Income manager specialising in domestic and global Government Bonds.

      Mandate:

      To manage an absolute-return portfolio of high-grade global Fixed Income securities.

      Jamieson Coote Bonds logo

    • Kapstream

      Kapstream Pty Ltd

      Fast fact:

      Kapstream's founders previously worked for PIMCO Australia.

      Mandate:

      To manage an absolute-return portfolio of primarily investment-grade Fixed Income securities.

      Kapstream Capital Pty Ltd (Kapstream) logo

  • Cash
    • First Sentier Investors

      First Sentier Investors

      Fast fact:

      First Sentier Investors is a standalone global investment management business, part of Mitsubishi UFJ Trust and Banking Corporation (MUTB), a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc.

      Mandate:

      To manage an active portfolio of cash securities.

      First Sentier Investors logo

    • Macquarie

      Macquarie Investment Management Global Limited

      Fast fact:

      Macquarie is one of the largest Fixed Interest managers in the Australian market.

      Mandate:

      To manage an active portfolio of cash securities.

      Macquarie Investment Management Limited logo

  • Other
      Sustainable
      • Pendal

        Pendal Institutional Limited

        Fast fact:

        With a proud history as a leader in responsible investment, Pendal offers a range of innovative strategies specifically designed for responsible investing-related needs.

        Mandate:

        To manage an investment in the Pendal Sustainable Balanced Fund, a multi-asset portfolio that takes into consideration a range of sustainable, ethical and financial criteria.

        Pendal Institutional Limited logo