Ardevora Asset Management, founded by respected fund managers Jeremy Lang and William Pattisson five years ago, has taken a big step into the institutional market with a A$200 million (US$153.6 million) investment from a large Australian pension fund.

Ardevora, known for Lang and Pattisson's unusual investment style - the pair developed an approach based on behavioral finance insights - has attracted US$1.35 billion since the business was founded, mostly from the UK's retail market. Total assets under management are now US$1.5 billion.