MLC Investment Management has separated the domestic equities strategies for its Horizon series and MLC Australian Share Fund, terminating its mandates to Lazard Asset Management and Contango Asset Management.
MLC Investment Management’s Australian equities portfolio manager, Peter Sumner, said the Australian equities component of the Horizon portfolios and its Australian share sector fund were previously managed as a single strategy.
“The diversified funds and the sector fund play separate roles within a client’s portfolio and clients want different things from each of them,” he said. “We therefore believe it is appropriate to separate the strategies, allowing them to respond independently to changing market conditions.”
Sumner stated that the strategy changes would entail the termination of the mandates of Lazard Asset Management and Contango Asset Management. He said no new managers were being appointed and the portfolios had been reweighted across the remaining eight managers.
