Arrowstreet, AQR Get Mercer Mandates

Aug 31 2011 | 1:17pm ET

A pair of hedge funds have won a combined US$210 million in mandates from Mercer's Asia-Pacific unit.

Arrowstreet Capital Partners will manage US$150 million for Mercer's Overseas Shares Small Companies Portfolio, some 40% of that basket. The quantitative shop and Fidelity Investments are the only two managers in the Small Companies portfolio.

In addition, fellow quant shop AQR Capital Management was awarded a US$60 million mandate for Mercer's alternative assets portfolio. AQR has been charged with investing in liquid, transparent alternative strategies.

"What we're looking for is low long-term average correlation to traditional markets," Stephen Roberts of Mercer Investment Management, told the Financial Standard.

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