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MLC picks La Salle to run global property for Mom portfolios

Australian multi-manager MLC has appointed La Salle Investment Management to run the global property element of five manager of manager portfolio funds available through Pivotal, its UK distribution arm for IFAs.

MLC, which is part of the National Australia Bank Group, believes it is important to have exposure to global property for diversification pur- poses and chose La Salle for its experience, research and track record.

La Salle will be responsible for weightings of 4-8 per cent across the MLC conservative portfolio, balanced portfolio, cautious balanced portfolio, growth portfolio and diver- sified share portfolio.

The funds will invest indirectly in property through lis-ted property vehicles such as real estate investment trusts. MLC believes this offers greater scope for diversification than direct investment which can be difficult and may be subject to an array of regulatory and tax implications.

MLC chief investment off- icer Michael Clancy says: “La Salle is a huge firm which plays in all parts of the mar- ket. It has been investing in property for years. The listed property market is just evolving. It is advanced in the US, Australia and Holland.

“In the UK, property trusts with tax advantages are just being created. We are pro- viding access to this, tak- ing advantage of mispricing opportunities as investors start to get used to valuing the asset class.”

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