MLC’s head of capital markets research, Susan Gosling, will continue to implement her ‘scenarios’ asset allocation approach and has been promised an expanded role at the $65 billion multimanager, after being passed over as chief investment officer in preference for an overseas candidate.
Nicky Richards will start next January in Chris Condon’s former role, after four years at Fidelity International in which she rose to become global chief investment officer.
Richards left Fidelity in March, and according to an MLC statement will “work closely” with the multimanager over the next few months, before moving to Sydney permanently next year with her husband, Tony.
MLC’s statement yesterday made a point of paying tribute to Susan Gosling, who acted in the CIO’s role following Chris Condon’s departure early this year. Gosling had gone on the record as an applicant for the CIO job, and a spokesman confirmed yesterday she had made the shortlist.
The spokesman said the multimanager was keen to keep Gosling in its team, and foreshadowed an “expanded” role for her at MLC, but could not elaborate at this stage.
MLC has not maintained a mandate with Fidelity since 2005, when Chris Condon terminated a global equities assignation with the firm – a year before Richards joined it.
Richards is best known in Australia for a relatively short stint running the Schroder Investment Management business here between 2000 and 2002, part of an overall 16-year tenure at the British funds management house.
A female running an Australian asset management business was still unusual enough at that stage for Schroder to take out advertisements in the local trade press, proclaiming: “Our new man in Australia is a woman.”
Richards is the third recent high-profile hire for MLC. It snared UBS Global Asset Management fixed interest veteran Michael Karagianis as an investment specialist, and Stefano Cavaglia – a veteran of hedge fund-of-funds business UBS O’Connor, as well as Eric Sorensen’s PanAgora Asset Management – as an alternatives portfolio manager.