MLC picks hedge fund-of-funds manager DGAM as subadviser

MLC, the investment management division of National Australia Bank, Sydney, hired Diversified Global Asset Management as subadviser of MLC's hedge fund management program.

DGAM, a Toronto-based hedge funds-of-funds manager, will handle manager selection and portfolio construction to build out MLC's hedge fund portfolio from A$500 million (US$512 million) to more than A$1 billion over the next 12 to 18 months, confirmed Gareth Abley, MLC's head of alternative strategies, in an e-mail.

MLC manages A$123.5 billion for institutional and individual Australian investors.