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.

 

, , ,

Leave a Comment

How the protection of a prudential regulator convinced Mulino to revive DBFO

How the protection of a prudential regulator convinced Mulino to revive DBFO

The additional consumer protections provided by a prudential regulator ultimately convinced Minister for Financial Services Daniel Mulino that he could go ahead with a restricted form of the new class of adviser proposals contained in the Delivering Better Financial Outcomes reforms. At the Conexus 2026 Retirement Leaders Summit on Wednesday, Mulino said his thinking had been reshaped by the collapse of the Shield and First Guardian managed investment schemes.

Sort content by