National Australia Bank’s (NAB) asset manager MLC has granted a $1 billion mandate to Redpoint Investment Management for its Australian equities index strategy.
Redpoint, which is partly-owned by NAB’s fund management business nabInvest, will manage the strategy within MLC’s Horizon 2 – 7 and Inflation Plus portfolios.
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MLC said that Redpoint index management strategy will apply a range of quantitative strategies to enhance returns, while capturing the risk characteristics of the chosen index.
In addition, the investment manager’s low turnover, low cost approach will reduce the impact of transaction costs and taxation.
Peter Sumner Australian equities portfolio manager at MLC said: "We’ve appointed Redpoint as a manager in the Australian Shares Strategy because of the quality and considerable experience of the investment team, which is led by chief investment officer, Eric Smith.
Prior to joining Redpoint, Smith served as chief investment officer for Vanguard, where he managed MLC’s Australian and global index mandates for around 10 years.
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By GlobalData"This proven experience, and the risk and cost efficiencies of Redpoint’s approach, gives us greater flexibility to manage the portfolios for investors," Sumner added.
