20 March 2020
We appreciate that so many of MLC’s clients – businesses, institutions and individuals – are navigating new territory and dealing with significant stress given the coronavirus pandemic and its wide-ranging implications. This is the same for many of our strategic partners.
It’s important communities come together to share information and support each other. As part of our MLC Wealth community, I want to update you on how MLC is continuing to prudently manage clients’ and members’ investments, while taking special care to look after all our people.
Our clients and their investments
As I share this update our investment team is in place and not impacted. Given the breadth and depth of our senior investment team, multiple portfolio managers can take control of portfolios should any single professional be impacted.
We’ve also moved to split-team arrangements for our key investment professionals who are now working across multiple home and office locations. These actions are part of our established pandemic-response business continuity plan and include any necessary changes to relevant business processes aligned to this altered way of working.
All MLC portfolios’ liquidity and asset valuations are being very closely monitored. Despite the extreme market volatility, our funds are liquid and we continue to meet client transaction requests.
Continuity of critical functions
Teams in other parts of MLC managing critical business functions and processes have also been split across multiple locations. Following guidance from authorities we have implemented ‘social distancing’ so no large-scale gatherings are taking place in person.
Service continuity is essential and our client contact centres as well as operations, technology and digital teams are all operational across multiple locations.
Given the important role of key business partners, we are constantly assessing operational resilience of critical outsourced providers, including but not limited to Investment Managers, Custodians and Administrators and the services they provide, for example, unit pricing, to ensure they can continue to partner with us through contingencies.
Importance of communications
Timely and relevant communications are important at all times but even more so when our communities are dealing with uncertainty. We have been regularly communicating with clients regarding investment market conditions and our approach to managing their portfolios. We have created specific online portals so people have 24/7 access to up-to-date information and the views of our most senior investment professionals.
An evolving situation
While the pandemic situation continues to evolve and government, business and community responses are changing, we are taking sensible actions to ensure we remain fully operational and available to our clients.
We acknowledge these uncertain times can create concern and we encourage you to be in touch if you have any questions.
Warm regards at this time.