Twenty three years ago Stuart Piper was the fixed interest manager for the fledgling asset management business of the broking firm known as Dominguez Barry Samuel Monatgue, who had just won a new big client – MLC.

Now, after a long association with that client through the various incarnations of DBSM into what is now UBS Asset Management, Piper has taken up the role as portfolio manager at MLC responsible for all debt strategies and some other non-equity strategies.

Piper personally managed the MLC mandate from its inception in 1985 to 2000. MLC surprised the investment scene in 1985, after being bought by Lend Lease, by outsourcing most of its investments under the then-novel multimanager approach.

In 2000, Piper, who had become one of the most respected bond managers in Australia, was promoted to head up Asia Pacific fixed interest at UBS and then Pan Europe fixed interest as well, from London in 2004. He recently returned to Hong Kong with UBS before making the break to join MLC last month.

Piper’s recruitment means that Peter Sumner, previously responsible for debt at MLC, will assume primary responsibility for Australian equities and Paul Duncan will focus on global equities and property.