A $9 billion superannuation fund has mandated Eaton Vance for a slice of equity allocations for its retired members, with the goal of providing downside protection while meeting specific yield targets.
Australian Catholic Superannuation Retirement Fund currently has a third of its 90,000 members in the retirement phase.
The Parametric affiliate and ACRSF have worked together for the past year on the equities strategy.
"We didn't want to wait for the government to impose its 'CIPR' retirement product timeline on us or the rest of the industry to really move on this," ACSRF chief executive Greg Cantor said.
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Under it, Parametric will manage the equity portfolio as part of ACSRF's RetireSmart pension solution.
The goal is to generate consistent income for retiree members while ensuring that capital balances are protected from market drawdowns.
Eaton Vance Australia head Chris Briant said: "We are proud of our investment partnership with ACSRF and are thrilled to have helped them apply our specific equity factor investing, defensive equity and tax management capabilities to a custom member-focused retirement solution."