MLC investment list hits $1b in FUM

MLC’s Wealth Core Investment list has reached $1 billion in funds under management, after launching in April this year.

MLC Wealth group executive, retirement and investment solutions, Tim Steele, said since COVID-19 Australians, especially retirees, had taken more interest in their finances and retirement planning and this was reflected in the response for the investment list.

“The response we have had from advisers and clients since the Core Investment List launched in April 2020 demonstrates that there is a strong desire for investment options that are cost-effective and with a good track record,” he said.

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“On 23 November we launched an expanded menu on the Core Investment List to include six new SMA model portfolios – the MLC Managed Account Strategies and the Antares Income fund.

“The addition of these portfolios strengthens our simplified wrap offer and combined with the full wrap offering, provides advisers with a scalable platform to meet clients’ changing needs over time. Our expanded investment menu delivers enhanced retirement options for clients which we know is something they have been looking for.”

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Most of this would have been transferred from MLC Wrap for cheaper platform fees, it's highly unlikely to be new money

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