Towers Watson has been appointed as asset consultant for legalsuper's $1.9 billion investment portfolio.
Chief executive of legalsuper Andrew Proebstl said Towers Watson replaced JANA Investment Advisers, the fund's asset consultant since 2003, following a tender process overseen by Drew Vaughn from Dymond, Foulds & Vaughan.
"Towers Watson's wide global research capability, its clear focus on the asset consulting business and the demonstrable expertise of the consultants who will advise legalsuper were important factors in our decision-making process," Proebstl said.
Chairman of legalsuper's investment team David St. John said he looked forward to working with Towers Watson to position the fund for the upcoming MySuper regime.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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