MLC revamps global equities strategy
MLC has revamped its global equities strategy in the form of mandate changes in an attempt to increase the diversification of managers outside the US.
MLC has issued a new mandate with Copenhagen based Carnegie Asset Management and terminated its mandate with US-based Wellington Management Company.
MLC global equities portfolio manager Paul Duncan said that while the changes have not materially altered the overall style of the strategy, “they do result in a more equal allocation of capital to US and non-US based managers”.
The new “complementary” mix of managers has enabled MLC to move an equal allocation of 12.5 per cent to each of its eight incumbent managers.
Duncan added that this would reduce the risk of any single manager or group of managers dominating the strategy.
According to a company statement, Carnegie is a “highly sought-after boutique manager” with an experienced investment team, a long-term investment horizon, low turnover and an index-agnostic philosophy.
MLC is Carnegie’s first Australian customer.
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