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MLC announces more Horizons manager changes
Two weeks after removing Capital International as a global equities manager from the Horizons portfolio, MLC has appointed the manager to manage a new allocation to an emerging markets strategy.
MLC's global equities portfolio manager Jonathan Armitage said Capital International is a large organisation and MLC's concerns with the performance of their global equities team were specific to that investment group.
"We are very comfortable with the team that are managing the emerging markets piece and it's important to note this is a total return type portfolio, including both equities and debt," he said.
"It uses capital research in a more focused way and across all aspects of the capital spectrum, whether its fixed income, credit or equities. Although they have the same parent company they are two very different parts of the organisation," he said.
The latest changes also included making an allocation to a multi-asset real return strategy and appointing two managers, Ruffer LLP and Pyrford International.
MLC Investment Management head of investments Susan Gosling said the new strategies increased the diversity of investments, strategies and managers within the portfolios, and should generate smoother returns with greater capital preservation in adverse markets.
"These two new strategies make the portfolios less reliant on share markets for their performance. This is an exciting step in the evolution of our Horizon portfolios and we're currently looking at more strategies to further diversify these portfolios," Gosling said.
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