Aussie local authorities to seek managers for A$1 billion

The Local Government Investment Service (LGIS) in Sydney will seek up to six money managers for the A$ 1 billion (US$640 million) that will result from the pooling of New South Wales local authorities' monies. The Local Government Association of New South Wales and the Local Shires Association of New South Wales, which own LGIS, are pooling the funds and hiring external managers to achieve better returns, said Warwick Hilder, LGIS' chief executive, declining to elaborate on performance to date. LGIS, which manages internally A$450 million that will go into the pool, plans to send out requests for proposals shortly, with the aim of hiring in the next six months.