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National Asset Management (NAM), part of National's Wealth Management division, has appointed six Australian equity managers to its multi-manager line up. Lazard Asset Management, Maple-Brown Abbott, Perpetual Investments, Contango Asset Management, Concord Capital and Credit Suisse Asset Management have been awarded the mandates. According to Bruce Coleman, CEO - Asset Management for National's Wealth Management division, "NAM investors will gain improved diversification through exposure to a wider variety of investment managers as opposed to the single specialist manager option under the previous NAM structure." "In moving to the multi-manager approach we would expect to achieve an improvement in return consistency, reduced manager specific risk and a reduced probability of under performing the market," he said. All of the appointed managers have been identified as having a sustainable competitive advantage. Those NAM funds and products with exposure to Australian equities will continue to be managed to their stated investment objectives. Background Information National's Asset Management division completed its annual strategic business review earlier this year, which examined the future business environment and the challenges and opportunities that lie ahead for the National Group. The review confirmed that the primary opportunities lie in utilising the strength and experience of the Group's core manager of managers' capabilities. NAM appointed MLC Investment Management (MLCIM) as its Principal Investment Adviser in May of this year. The National funds have adopted a manager of managers approach, similar to that of MLC. The National diversified funds have moved from a tactical to a strategic approach to asset allocation. A number of investment management appointments have been announced to date, they include; - International equities
Sanford C Bernstein & Co (now Alliance Bernstein) and Vanguard Investments Australia Limited
- Asian equities (National Asia Growth Fund)
Fidelity International
- Listed property securities
Deutsche Asset Management
- Alternative debt/credit AMP
Henderson Global Investors Limited
- National Dividend Imputation Trust
Maple-Brown Abbott and Vanguard Investments Australia Limited
- Australian equities
Lazard Asset Management, Maple-Brown Abbott, Perpetual Investments, Contango Asset Management, Concord Capital and Credit Suisse Asset Management The information contained in this document was prepared by MLC Investments Limited (ABN 30 002 641 661), MLC Limited (ABN 90 000 000 402) and National Australia Financial Management Limited (ABN 56 000 176 116) members of the National group of companies, based on information supplied by National Asset Management and MLC Investment Management. This document has been published as an information service without assuming a duty of care. Accordingly reliance should not be placed by anyone on this document as the basis for making any investment, financial or other decision. This information was current as at 5 October 2001. An investment with MLC does not represent a deposit with or a liability of National Australia Bank Limited, MLC Investments Limited or other member company of the National Group of companies and is subject to investment risk including possible delays in repayment and loss of income and capital invested. None of MLC Investments Limited, MLC Limited, National Australia Financial Management Limited, other member companies in the National Group of companies, the underlying fund managers of the investments, any trustees of those investments or their respective officers guarantee the repayment of capital invested, the payment of income, the performance of the specific investments selected by investors or the performance of any fund mentioned in the above.
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