MLC has further expanded its investment management team with the appointment of Stuart Keighran to a newly created role of Portfolio Manager, Property and Unlisted Assets.

Stuart takes responsibility for MLC’s property and unlisted asset strategies and will undertake research into global and domestic listed and unlisted property, and infrastructure. He has responsibility for selecting the managers across all of MLC’s property and unlisted asset investments.

Stuart joins MLC after 9 years with Alliance Bernstein. For the last five years he was with Bernstein Value Equities where he was CIO Australian Listed Property and Asia Pacific Regional Research Coordinator for the firm’s real estate equities strategies.

Stuart brings more than 15 years of experience in both listed and direct property to MLC. As a listed property portfolio manager, he has an impressive track record with consistent first and second quartile performance according to Mercer surveys.

Dr Susan Gosling, MLC’s acting chief investment officer said, “MLC continues to enhance it multi-manager investments capability and strengthen its research team as part of the focus on expanding our asset management business.“The creation of this portfolio manager role provides MLC Investment Management with a dedicated portfolio manager for property investments. This is in addition to our other portfolio managers for domestic equities, global equities, fixed income, private equity, and alternatives,” said Dr Gosling.

Stuart’s appointment is one of a series of high profile recent hires at MLC that includes Nicky Richards, Michael Karagianis and Stefano Cavaglia.
Stuart takes up the role today and is based in MLC’s North Sydney office.

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Gemma Dale has been appointed to the role of Head of Technical Services, respected technical services specialist Peter Hogan joins the team in a special advisory role and Martin Breckon has been appointed Technical Manager, Business Development.

The MLC technical team is a leader in the provision of specialist information for financial advisers on a range of superannuation, tax and social security issues.

Raelene Seales, General Manager of Advice Services at MLC, said:

“These key appointments reflect our commitment to supporting our MLC licensees with high quality advice that helps them create value for their clients.

“Our expanded team of technical specialists will also now be available to the independent financial adviser (IFA) market following significant demand from that sector of the market, particularly for phone and email support, as well as face to face presentations.”

Gemma is responsible for leading a combined team of MLC, ThreeSixty and Aviva technical services. Formerly Senior Technical Manager at Asgard Wealth Solutions, Gemma has managed the ThreeSixty Technical team since joining MLC in 2008.

Peter was formerly Head of Technical Services at Colonial First State and Head of Technical Services at Macquarie Bank. His most recent role is as a Principal of Plaza Financial in Sydney. Peter remains a director of SPAA (Self Managed Superannuation Funds Professionals Association) and a lecturer with the University of Adelaide.

Formerly Technical Marketing Manager for Aviva, Martin has over 30 years experience in the financial services industry.

“It is pleasing to be able to bring together the strengths of the MLC, ThreeSixty and Aviva teams and not only retain our specialists but significantly expand our capabilities.

“The team is now focused on building upon our reputation as one of the leading sources of high quality technical information,” Ms Seales said.

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Ms Richards has more than 20 years experience in global investment markets in Australia, Europe, Asia and the United States.

She joins MLC after her previous role as Group Chief Investment Officer at Fidelity International based in London.

As MLC Chief Investment Officer, Ms Richards will lead MLC’s team of investment professionals and will be responsible for more than A$65 billion in funds under management. She will officially take up the role in January 2011 but will work closely with MLC over the coming months.

MLC’s Executive General Manager of Asset Management Garry Mulcahy said, “We are extremely pleased to have recruited such a strong investment leader as our CIO.

“To have attracted someone of Ms Richards’ international calibre reflects MLC’s position as a global leader in multi manager investing, and it is a great endorsement of our investment philosophy and the MLC brand,” Mr Mulcahy said.

Ms Richards said of her decision to join MLC, “I have known MLC since 2000 when I last worked in Australia and I have a high regard for the company and what it has achieved.

“It is clear that NAB is committed to wealth management and has serious ambitions to develop it further over the coming years. I am looking forward to playing a role in the successful execution of that strategy.

“The Australian investment marketplace is vibrant and highly sophisticated. Australia has developed into a world leader in wealth management due to the compulsory superannuation system and, with the country’s pool of assets under management set to grow, Australia will provide a stimulating working environment over the coming years.”

Ms Richards is an experienced global investment professional with an outstanding career spanning both investment research and leadership roles across a number of continents. Her previous roles include:

• Group Chief Investment Officer – Fidelity International
• Global Head of Investment Product Strategy – Schroder Investment Management
• Managing Director – Schroders Hong Kong
• Managing Director – Schroders Australia
• Head of Global Research – Schroder Investment Management
• Head of UK Research – Schroder Investment Management
• Head of Research for Singapore & Malaysia – Schroder Investment Management

Ms Richards holds a BA (Hons) Economics and History and is an Associate of the Society of Investment Professionals.

Dr Susan Gosling, who joined the MLC team in 2002, has been acting in the role of CIO in addition to her role as Head of Capital Markets Research.

Mr Mulcahy said, “Susan has done a tremendous job managing two challenging roles. This has been a particularly positive period for MLC. Not only have we delivered strong investment performance, but we have strengthened the investment team with a number of new experienced hires.

“Susan has been an important member of the investment team for some time. She was responsible for introducing MLC’s highly-regarded scenarios approach to asset allocation and for introducing the successful Strategic Overlay asset allocation process across our diversified funds. She will continue to play a key role in the evolution of our investment approach and our future success,” he said.

Ms Richards’ appointment is the third in a series of recent hires of talented and well-regarded investment professionals to MLC.

In July this year MLC appointed the 24 year investment management veteran Michael Karagianis from UBS as an Investment Strategist, and Stefano Cavaglia as Alternatives Portfolio Manager. Stefano has more than 18 years of investment management expertise and previously worked in senior roles at UBS O’Connor and at PanAgora Asset Management.

Mr Mulcahy said, “The recruitment of Michael, Stefano and now Nicky, complements our already strong team of 30 investment professionals with combined industry  experience of almost 450 years, and reinforces MLC’s investment management capability to deal with the significant growth opportunities ahead.”

“We are committed to developing our asset management business, both in multi manager funds and direct asset management, and attracting quality investment talent is the key to successfully achieving that objective.”

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The MLC Horizon 3 Conservative Growth Portfolio and MLC Property Securities Fund were also commended as Blue Ribbon finalists at the awards, which are regarded as the industry’s most comprehensive and independent evaluation of banking, insurance and investment products.

Sam Hallinan, MLC’s General Manager of Investment Solutions said, “MLC’s investment approach, which brings together excellent investment managers to build robust strategies with sensible diversification, helped the MLC Horizon 2 Income portfolio perform strongly throughout a volatile year.”

“This recognition is representative of the continual refinements and diversity of MLC’s investment process implemented throughout the portfolios,” said Mr Hallinan.

A year ago MLC introduced a new strategic overlay asset allocation approach and in early 2010 adjusted its debt strategy to give greater flexibility and control to the debt portfolios. Both of these innovations have contributed to the success of the Horizon 2 Income Portfolio during 2010.

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The Fund Profile Tool gives greater insight into MLC’s investment process and diversification. It shows the breadth, depth and diversity of an MLC investment, as well as providing detail on how money is invested within MLC’s funds, including MLC’s multi-manager funds.

Sam Hallinan, MLC’s GM Investment Solutions said, “We have developed the Fund Profile Tool to bring greater transparency to our investment management process.

“Advisers have been telling us that clients want more detailed information about how we invest their clients’ money. With the MLC Fund Profile Tool advisers are able to pull down a report that contains fund information such as performance, commentaries, stock and manager holds, and regional allocations.

“With this report an adviser will be able to explain to the client precisely what proportions of their funds are invested in which asset class and with which manager at any given time, as well as giving details of that manager and their investment philosophy.”

The reports can also be generated by advisers through MLC’s MasterKey platform, and is the latest in a series of innovations planned for the platform.

Dean Thomas, GM of MasterKey said, “The Fund Profile Tool is the first in a series of enhancements we’ll be announcing to MLC MasterKey over the coming months. 

“We are constantly innovating to enhance the functionality of the MasterKey platform and to provide advisers and investors with useful information and insights. We are delighted to unveil the Fund Profile Tool and look forwarded to revealing more enhancements in the near future.”

The MLC Fund Profile Tool is accessible via the MLC, MasterKey Custom, Private Investment Consulting and MLC Wholesale websites.

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Garvan Financial Planning, Apogee Financial Planning and MLC Financial Planning have now completed the transition to fee for advice for all new investment and superannuation clients.

They join Godfrey Pembroke, which completed the transition in October 2006 and NAB Financial Planning which introduced a fee for advice model in 2008, the first bank financial planning network to do so.

Richard Nunn, Executive General Manager of MLC Advice & Marketing, said, “Today marks a significant milestone in our organisation’s history. We have worked closely with advisers during the past four years to help them re-engineer their business models to be advice and client centric, with transparent and sustainable pricing.

“Transitioning from a commission based model to fees is extremely complicated. There are numerous pitfalls for businesses that rush the process and miscalculate their pricing models.

“But we have assisted hundreds of advice businesses to transition to fees and not one has converted back to commissions. In fact, the advice businesses that have been operating on fees for several years just keep going from strength to strength.

“Back in 2006 our views around fees and commissions were not popular. But our belief in the value of advice and desire to see more Australians benefiting from the services of a financial adviser kept us focused on encouraging industry change.

“We are pleased to see many of our competitors now moving in this direction. The sooner our industry makes the transition, the quicker we can start to build greater trust in our industry.”

Key MLC milestones:

• March 2006 – MLC launched one of the first commission-free investment platforms, MasterKey Fundamentals
• May 2006 – MLC calls on industry to remove commissions as they create a perception of conflict and diminish trust in the industry
• October 2006 – Godfrey Pembroke removes commissions for all new clients on  superannuation and investments business
• January 2008 – NAB Financial Planning announces its intent to transition to fee for advice for all new investments and superannuation clients
• April 2010 – Godfrey Pembroke announces plans to transition to a complete fee for advice model for all new and existing superannuation and investments clients and new business for insurance and mortgage products.
• June 2010 – Garvan, Apogee and MLC Financial Planning complete the transition to fee for advice for all new clients on superannuation and investments business.

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