AMP dumps Mercer for Towers Watson

After eight years advising the $19 billion Future Directions and Responsible Investment Leaders multi-manager products, Mercer’s asset consulting agreement has not been renewed with AMP.

Towers Watson will be the new consultant across the range of AMP’s multi-manager products.

The move marks a rationalisation of AMP’s service providers following the integration of AMP and AXA.

Towers Watson has advised on the ipac-managed diversified funds, which have about $12 billion under management, since 2006.

Future Directions, which launched in 2003, had a reasonably aggressive asset allocation under Mercer, with higher-than-average weightings to global equities and alternatives.

Its 2011 strategic asset allocation included a 10 per cent allocation to alternatives, and 28 per cent to international shares.

It currently has a 3 per cent dynamic tilt towards defensive assets, and is overweight cash by 4 per cent.

 

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Calls for new funding streams as FY27 CSLR advice levy hits $190.3m

Calls for new funding streams as FY27 CSLR advice levy hits $190.3m

The revised FY27 Compensation Scheme of Last Resort levy has fallen short of the $250 million worst-case scenario but has increased by $60 million from the initial estimate. The industry has called on the government to address funding shortfalls in a way that won’t impact advisers, as the subsector accounts for $190.3 million of the $198.1 million total.

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