MLC, the wealth management arm of National Australia Bank, has almost entirely revamped the manager line-up of its MLC Australian Share Fund, cutting seven, hiring two and retaining one.

Previously, the fund had eight managers. It now has three, Bennelong Australian Equity Partners, Antares Capital Partners Limited, and JCP Investment Partners. Bennelong and Antares are new appointments while JCP has been retained to manage a lower risk mandate. The changes were implemented during July and August 2012.

The move marks a return to wholly active management of the fund. In February 2012, part of the fund was temporarily allocated to a passive manager, Vanguard Investments Australia.

Peter Sumner, portfolio manager of Australian Equities atMLC Investment Management, said: “We’re always researching ways to improve our investment strategies. The changes to the MLC Australian Share Fund are the latest in a number of improvements to MLC’s portfolios this year.

“While the fund will have fewer managers, we expect the new combination will provide more diverse insights and broader stock selection," said Sumner.

“Each of the three managers has strong stock-picking skills and a focus on investing in high quality companies. However, none of them rigidly follows a particular investment style. This means they’ll have greater flexibility than the previous managers to research and select companies for investment. Over time, we think this will lead to more reliable returns for investors," he added.

The manager changes only affect the MLC Australian Share Fund.