One of the most prestigious asset consulting tenders in the superannuation industry is up for grabs — that for the $4.6 billion Retail Employees Superannuation Trust (REST).
REST chief executive Neil Cochrane confirms that the tender process has been underway since March and that an announcement of the winner is expected out before the end of May.
The incumbent asset consultant is JANA Investment Advisers.
Cochrane says REST invited six asset consulting firms to participate in tender. The fund later met with the four that responded in an open session where they were briefed on what was expected.
Each bidder had to complete a comprehensive questionnaire and at present, Rice Walker Actuaries is helping REST’s board and investment committee analyse the responses.
Cochrane declines to name the firms that made the shortlist.
REST has a staggering 1.2 million members, 713,00 of whom are active, making it Australia’s biggest super fund in terms of active membership. It is also the country’s biggest industry fund in terms of assets.
