MLC is set to merge its £30m sheltered growth fund with the £242m MLC
conservative portfolio after overwhelming support from shareholders.
Shareholders voted with 99.03 per cent in favour of the merger in the electoral reform society-run ballot.
The sheltered growth fund was the only MLC vehicle that was not part of its
multi-manager portfolio of products and was managed by Henderson Global Investors.
MLC says although it was pleased with Henderson, it is now firmly in the multi-manager arena.
The conservative portfolio has nine fund managers and holds 70 per cent of
its assets in bonds and cash, with 30 per cent in equities.
MLC head of investment Bobby King says: “The size of the vote in favour of the merger was particularly pleasing. Both funds are designed as low-risk investments but investors will see a number of benefits as a result of the transfer.
“We believe that a multi-manager approach, spreading risk across asset classes and investment managers, leads to a better mix of risk and return.”