MIR replaces Maple Brown on Advance fund

Maple-Brown Abbot (MBA) has been replaced by MIR Investment Management as part of a suite of substantial mandate changes to Advance Asset Management’s billion dollar multi-blend funds.

Michael Triguboff’s MIR has replaced MBA as one of the four managers on Advance’s large cap Australian equities multi-blend fund.

MIR, which is already a manager of Advance’s small companies fund, will now manage 23 per cent of the large cap fund, while Schroeders and Citigroup will continue to manage 25 and 20 per cent respectively. Alpha has had its mandate increased to 25 per cent.

Advance managing director Kate Mulligan said the decision to replace MBA would not sever Advance’s longstanding relationship with one of the pioneers of the boutique funds management industry, adding that MBA would continue to be the sole manager of Advance’s $2 billion flagship imputation fund.

“MBA is quite a distinct fund, it’s got quite a distinct process and it’s well understood for its long-term and contrarian approach, and will remain a strong part of our offering,” she said.

As reported by Money Management last week, MIR, as well as managing 23 per cent of the Australian equities fund, will also be the sole manager of a new Advance concentrated large cap equities fund that hopes to attract $600 million from the retail market by December.

Alliance Capital and Colonial First State have also benefited from the mandate changes at Advance. They have been added to the group’s international equities and Australian fixed interest multi-blend funds respectively.

Advance head of investment solutions Steve Gamerov said the changes were made to “get more oomph into the portfolio”.