The well-known fund manager is back with two Aussie equities strategies totaling $3 billion in capacity at his new boutique, after resigning from the Tribeca Alpha Plus fund earlier in the year.

The $80 billion superannuation fund had some strong words for its external Aussie equities managers, saying their general underperformance was a "real disappointment" for the year.

Montgomery Investment Management will launch a small companies fund in a joint venture with fund managers Gary Rollo and Dominic Rose.

MLC has shut down an international equities fund as it faced the prospect of increasing management fees on the relatively small funds under management.