MLC Investment Management (MLC IM) has changed its manager line-up for its $10-billion Australian shares strategies, after Wallara managing director Peter Wetherall decided to retire and close his funds management business.
The compnay has terminated its mandate with Wallara and shifted the funds into a passive mandate with Vanguard.
The changes affect the MLC Horizon Series, the MLC Long-Term Absolute Return (LTAR) portfolio and the MLC Australian Share Growth Style Fund.
The new allocations in the MLC Horizon Series of portfolios and MLC LTAR portfolio will see Vanguard managing an additional 10 per cent, bringing the total to 20 per cent of the portfolios.
The remaining allocations in these portfolios include 15.5 per cent for Balanced Equity, 8 per cent for Dimensional, 18.5 per cent for JCP, 15.5 per cent for Maple-Brown Abbott, 10 per cent for Northcape and 12.5 per cent for Northward Capital.
The new allocations for the MLC Australian Share Growth Style Fund include 50 per cent for Vanguard, whereas JCP was retained at 50 per cent.
The passive allocation to Vanguard in the MLC Australian Share Growth Style Fund is temporary.
"We expect to appoint a new active manager in the near future," MLC IM Australian equities portfolio manager Peter Sumner said.
In August, MLC cut Wallara out of its $1.4 billion MLC Australian Share Fund, while introducing Antares.
