POWERED BY MOMENTUM MEDIA
(June-2003) JANA wins prized consultancy tender
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.
AUTHOR
Zilla Efrat
Recommended for you
AustralianSuper chief executive Paul Schroder has warned the superannuation system must be “reset” to deal with a looming wave of retirements, as millions of Australians prepare to leave the workforce over the next decade.
The financial services sector is set for significant transformation with superannuation to play a pivotal role in shaping the next frontier owing both to its large cash pool and Australia’s growing population of retirees.
Australia’s superannuation sector is set to come together this week for a major cyber security drill designed to strengthen collective resilience.
Australia’s economy is poised for a modest rebound in the June quarter driven by rising consumer spending, but some economists warn growth remains “fragile and unconvincing”.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.15 3 y p.a(%)
