Assirt has singled out for praise the Australian equities capabilities ofMacquarie Investment Management(MIM) in its most recent rating of the funds management group.
Across the board, the group received an average sector ranking of four stars. It was MIM’s decision to take evasive action to arrest the group’s slide in its Australian equities performance that gathered the most praise.
This was achieved by recruiting high profile industry figure Peter Mouatt from Mercantile Mutual (now ING) to head up the group’s Australian equities late in 2000.
In a report released today, Assirt chief executive Krystyna Weston says changes to active Australian equities under Mouatt’s leadership had made a fundamental difference to the group.
Weston says separating the role of the head of the funds management group from that of chief investment officer has been a key development and Assirt believes that Macquarie’s business and growth in funds under management objectives across all asset classes, is better served by the new structure.
Weston also says the group’s new “PEG Score” process is more team based, clearly spelling out determinants of stock selection and identifying risk parameters.
Including Lazard Asset Management to manage its global equity portfolios was also seen as a positive move for Macquarie. It is understood that Lazard employed a consultant to review the entire investment process of Macquarie’s international shares and instil elements of industry best practice not previously present.
According to Assirt’s report, MIM’s operating capability and business management have been assessed as very strong and strong respectively.
Most investment products received four or five stars, with the only products receiving a ranking below three stars being the Macquarie flexible managed growth fund and the Macquarie superannuation and rollover growth, which were given a two star rating.
