The London connection continues for MLC Investment Management as CIO Nicky Richards, herself poached from Fidelity in the UK, confirmed yesterday she had lured a portfolio manager from Schroders in the City to run global equities.
The big Australian multi-manager announced yesterday that Jonathan Armitage from Schroders in London would join as portfolio manager, global equities from August 1.
In a case of knowing what she would get, Richards explained that her connection with Armitage went back almost two decades to when he just starting out in his career.
“I have known Jonathan for 18 years. I was, in fact, his first boss,” Richards said.
“I know him very well and that is a great advantage when you are trying to recruit someone because I am extremely certain he will be a very good fit for the team here.”
Armitage has worked with Schroders in a number of different roles around the world and most recently headed their US equities and global portfolio, which held $US12 billion in assets.
Having had a front row seat to the volatility both in US and global equity markets, Armitage was a steady hand on the tiller when markets got choppy, according to Richards.
“If you look at his US equity record, and indeed Schroders’ global equity record, they have put in some very good performance and been winning money consistently,” Richards said.
Richards said this latest appointment would not see a winding back of the hiring drive, with MLC also on the lookout to bolster its firepower in the alternative assets area as it aims to include more of these strategies in its diversified funds.
“We are taking a long look at alternatives in its broadest sense, so we’re seeing if we can add to our property and infrastructure teams, and other interesting areas of alternative management, where appropriate.
“In terms of the mandate I have, we will look to grow the team going forward from here and we think we can launch more innovative products and we will require more people,” she said.