MLC has temporarily added a passive allocation to its Australian shares strategies within its Horizon Series, which will see Vanguard Investments manage the mandate.
Vanguard has replaced Concord Capital, which has been removed from the strategies.
The move came as MLC opted for more diversification, according to Peter Summer, MLC Investment Management portfolio manager of Australian equities.
"When we see evidence of greater diversity in manager positioning, and genuine diversity of insight, we are highly likely to replace Vanguard with an active manager," Summer said.
"In the current market environment, MLC considers it prudent to add a passive allocation to its Australian shares strategies," he added.
However, while the passive allocation is likely to be a temporary appointment for MLC's Australian Share Fund, the introduction of a passive manager is likely to be a more permanent feature in the MLC Horizon series of portfolios and MLC Long-Term Absolute Return Portfolio.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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