The $80 billion multimanager MLC is looking to fill a new position which will be one of the industry’s most influential in the Australian equities asset class.

It is understood MLC is seeking somebody to take direct responsibility for its $15 billion Australian equities portfolio, reporting to chief investment officer, Chris Condon. It is thought the new role would help free up time for head of investment strategy, Paul Duncan, who in addition to Australian equities has oversight responsibilities for the global equity and listed property multimanager portfolios. An MLC spokesperson said the firm did not comment on senior appointments until they were made. MLC recently appointed Northward Capital to 5 per cent of its Australian shares strategy, which feeds the MLC Horizon portfolios, MLC Long Term Absolute Return Portfolio and MLC Australian Share Fund. Northward, the high-conviction team formerly at IAG Asset Management, is 51 per cent owned by MLC’s fellow National Australia Bank subsidiary, Nabinvest. A boutique incubator, Nabinvest is said to be aggressively on the acquisition trail. It recently took a significant minority stake in Pengana Holdings, a diversified family of boutique managers, and is strongly tipped to have signed the three recent departees from the Goldman Sachs Emerging Leaders Fund – Michael Glenane, Leigh Cronin and Chris Adams.

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