IOOF integrates multi-manager trusts into IOOF MultiMix
IOOF Group has announced that it is integrating its United Sector Leaders Funds (United Funds) into a single suite of multi-manager trusts known as IOOF MultiMix.
In a move to simplify IOOF's multi-manager options, the move to a single suite of multi-manager trusts will take effect on 30 September 2011.
Commenting on the announcement, IOOF general manager distribution Renato Mota said the integration will make the choice easier for advisers and their clients.
"There will be minimal impact on advisers and clients because the two multi-manager offerings have aligned asset allocations, underlying managers, investment strategies and objectives," she said.
"Investors who currently hold investments in a closing United Sector Leaders Fund will be transferred to an equivalent MultiMix Trust, which is comparable in terms of risk profile, investment objective and strategy."
For the eight United Funds that are remaining open as re-branded MultiMix trusts, the responsible entity will change from Australian Executor Trustees Limited to IOOF Investment Management Limited to ensure that a single entity is responsible for the entire multi-manager suite, IOOF stated.
IOOF stated that the announcement follows earlier enhancements to the multi-manager investment process, which included the appointment of chief investment officer Steve Merlicek, an asset consultant and dedicated portfolio managers for each asset class.
In a separate announcement made to the Australian Securities Exchange, IOOF has appointed Kevin White as an independent, non-executive director, effective 4 October.
White was most recently WHK Group managing director of accounting business, and remains a director of Insurance Manufacturers of Australia Pty Limited.
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