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Barely 12 months after being launched, the investment management subsidiary established by Colonial First State and US-based Research Affiliates, Realindex Investments, has reached a milestone $1 billion in funds under management (FUM).Realindex Investments chief executive, Andrew Francis, said the first $1 billion had been achieved off the back of strong interest from both retail and institutional investors."We've found that institutional and retail clients and their advisers are really looking for a different approach to traditional cap-weighted index funds because they understand that markets are not efficient, and weighting a portfolio by price may cause a performance drag," he said.Francis signalled the business would be looking for further growth with the team having been bolstered by the recent appointment of Peter Bull as a portfolio manager/analyst with responsibility for the daily management and oversight of the Realindex portfolios.