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.
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Investment Managers
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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.
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How we work with investment managers
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Australian Shares
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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.

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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.

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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.

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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.

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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.

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Vinva
Vinva Investment Management Limited
Fast fact:
Vinva is a quantitative style manager.
Mandate:
To manage an active portfolio of Australian equities.

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Northcape Capital
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International Shares
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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.

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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.

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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.

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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.

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Ninety One
Ninety One
Fast fact:
Ninety One is a specialist investment manager.
Mandate:
To manage an active portfolio of emerging market Equities.

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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.

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Vinva
Vinva Investment Management Limited
Fast fact:
Vinva is a quantitative-style manager.
Mandate:
To manage an active portfolio of global equities.

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BlackRock
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Private Equity
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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.

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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.

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Mesirow Financial
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Property
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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Aberdeen Investments
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Infrastructure
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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.

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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.

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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.

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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.

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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.

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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.

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BlackRock
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Medium Risk Alternatives
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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.

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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.

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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.

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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.

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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.

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Bain Capital
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Investment Grade Bonds
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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.

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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.

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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.

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Macquarie
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Defensive Alternatives
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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.

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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.

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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.

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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.

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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.

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Ardea
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Cash
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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.

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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.

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First Sentier Investors
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Other
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Sustainable
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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.

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Pendal