MLC awards global equities mandate to boutique manager
MLC Investments has awarded the management of international equities within a number of its low cost products to Sydney-based boutique manager Redpoint Investment Management.
Redpoint, which is owned by its employees but has a minority stake held by NAB Asset Management, will manage the global shares strategy within the MLC Index Plus portfolios and also manage a currency overlay strategy as part of its overall mandate.
Redpoint chief executive Tim Batho said his group would not replicate the relevant indices but uses a range of strategies to enhance returns while capturing the risk characteristics of the chosen index while MLC Global Equities Portfolio Manager Myooran Mahalingam said the mandate would provide exposure to a wider range of share market opportunities for MLC.
The Retirement Benefits Fund (RBF), Tasmania's public sector super fund, has opted to go with Swiss based manager GAM for a $100 million investment placing the funds in the GAM Absolute Return Bond Defensive Fund.
RBF has placed the GAM investment in its Absolute Return investment pool, which is used to construct it's a number of diversified member options with RBF Chief Investment Officer, Dr Ian Lundy stating the fund was seeking strategies with high alpha while providing protection against major market corrections and/o.r rising interest rates.
GAM is based in Zurich but operates in 11 countries as a pure-play asset manager and currently has $US127 billion in funds under management.
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Jason Spits
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