MLC, the wealth management division of the National Australia Bank, has appointed Diversified Global Asset Management Corporation as its hedge fund adviser.
MLC conducted a global search for a partner to expand its coverage of alternative investment managers and strategies. MLC expects to double its hedge fund assets from A$500 million to over A$1 billion over the next 12-18 months.
"We selected DGAM based on their combination of investment, advisory and risk management knowledge and experience,” said Gareth Abley, head of alternative strategies at MLC.
"We are excited to partner with MLC to broaden its investment capabilities, and believe our shared ethos will produce a successful outcome for MLC," said Warren Wright, chief investment officer and co-founder of DGAM.
Based in Toronto, Canada, DGAM was founded in 2004 and currently manages and advises on over US$5 billion of hedge fund assets. The firm is employee owned and invests on behalf of an institutional client base, which includes some of the world's largest public and private pension funds, endowments and sovereign wealth funds.