IOOF partners with Legg Mason on investment strategies
Fund manager Legg Mason has picked up key mandates in partnership with IOOF.
The two companies announced this week that IOOF had partnered with Legg Mason to launch two investment strategies — one in Australian equities and the other in listed property.
The mandates amount to a combined total of $100 million and will form part of IOOF's multi-manager funds.
The Australian equities product is the ‘Dynamic Value' Australian Equity strategy developed jointly over the past 12 months by Daniel Farmer (IOOF, head of Australian equities) and Reece Birtles (Legg Mason Australian Equities, chief investment officer).
The listed property product is a low-concentration A-REIT strategy developed through a consultation process between Simon Gross (IOOF, head of property) and Ashton Reid (Legg Mason Australian equities, portfolio manager).
Commenting on the two new products, IOOF chief investment officer Steve Merlicek said he was delighted the two companies had been able to jointly develop the customised solutions.
He said they highlighted IOOF's point of differentiation against other multi-managers in the Australian market and achieved outcomes that were thoughtful and more meaningful to the companies' investors in the long run.
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