JANA Investment Advisers has fought off stiff competition to keep one of the most prestigious asset consulting contracts in the super industry — that for the $4.6 billion Retail Employees Superannuation Trust (REST).
The investment consultant was up against five competing bidders and succeeded in winning a renewed three-year contract, with Steven Carew taking over from John Nolan as the primary relationship manager.
REST’s board had invited asset consultants Russell, Tower, Watson Wyatt, JANA, Mercer and InTech to tender in March. With the help of Rice Walker Actuaries, the line up was short-listed to JANA, Watson Wyatt and Mercer.
Each bidder had to complete a comprehensive questionnaire, looking at manager selection, asset allocation, what they could uniquely add to REST, a case study, the identity of the individual that would directly work with the fund, and their ability to tailor advice to REST.
InTech decided not to submit and Russell and Towers Perrin made a joint submission.
REST CEO Neil Cochrane says the questionnaire responses were examined in detail and the short-list followed up by one and a half hour presentations to the investment committee.
“The tender process was very serious,” he says. “We were very impressed with the quality of the tenders submitted. They allowed us to fully understand each service provider’s offering.
