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Struggling with low returns, Australia’s Victorian Funds Management Corp. has called in McKinsey & Company to conduct a strategic review of the firm, The Australian reported 13 July.

The A$47 million fund hasn’t had a going-over in about 10 years.

The move comes after new CEO Linda Gray was appointed earlier this year. She previously worked at the National Bank of Australia, and took over from departing executive Warren Lee.

McKinsey is expected to earn approximately A$2 million from the contract, The Australian reports.

The firm is suffering poor returns due to pressure on management fees and increased self-management across the sector. VMFC has already branched out, becoming the largest investor (17%) in Investa Commercial Property Fund.

The firm earlier appointed James Mackenzie as chairman. Mackenzie previously chaired Mirvac Group and Pacific Brands.

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