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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