Russell Investments secures $1.9bn mandate

Global asset manager Russell Investments has been appointed by the Tasmanian Public Sector Superannuation Commission to manage $1.9 billion in defined benefit assets.

Under the agreement, Russell will act as implemented investment consultant for the commission, assisting them in achieving investment outcomes for members, as well as delivering multi-asset investment strategies in accordance with the commission's needs.

Director of the Office of the Superannuation Commission, Adrian Christian, said the commission turned to Russell in large part due to the firm's long-established superannuation heritage and significant experience in implemented consulting, particularly with complex defined benefit funds.

"Russell Investments offers the necessary capabilities, global reach and experience to help us deliver solid, repeatable investment performance," Christian said.

The Superannuation Commission was established in 2016 to oversee the administration of state-owned Retirement Benefits Fund (RBF). Last month the fund finalised its merger with Tasplan, transferring its defined contribution and defined benefit members. Tasplan now has $7.6 billion in funds under management and more than 165,000 members.

Russell Investments chief executive for the Asia-Pacific region, Pete Gunning, highlighted that increasing interest in the firm's implemented consulting model is driven in large part by the market's dynamic nature.

"In today's volatile market environment investors need to be equipped with access to diverse, effective and nimble investment strategies," Gunning said.

"With our world-class, multi-asset investment capabilities we're well-positioned to assist superannuation funds achieve their investment outcome objectives."

Over the past three years, Russell Investments has witnessed an increasing demand for their services with a 45% growth in implemented consulting clients. Globally, Russell Investments has $356 billion in assets under management.

In October 2016, the firm won a $1.3 billion investment management mandate from Guild Trustee Services, the trustee for GuildSuper, Child Care Super and GuildPension to manage assets across six classes. The firm also recently struck an $850 million white-label deal with Netwealth to enter the platform market.

Read more: Russell InvestmentsTasmanian Public Sector Superannuation CommissionTasplanAdrian ChristianAsia-PacificChild Care SuperGuildPensionGuildSuperGuild Trustee ServicesOffice ofPete GunningRetirement Benefits Fund
Editor's Choice
AMP Capital has appointed a new head of its institutional and corporate business.
AustralianSuper appointed a new chair for its investment committee.
A Rainmaker study of extra benefits and features being offered by super funds in Australia reveals that technology and communication-oriented features are the most active area of product development.
An $81 billion international investment manager took the majority stake in a large Australian provider of specialist medical software.
Brought to you by
19 APR 2017
There are two main avenues for investors to think about when approaching the use of alternative beta in an investment portfolio. The first is to adopt a core/satellite approach to constructing an alternatives ...
Get it Daily
Keep up to date, don't be the last to know! Get the Financial Standard Daily Newsletter.
Pocket investment guides featuring adviser case studies and a glossary.
Investing trends and strategies from the industry’s thought leaders.
Putting the spotlight on investment products that matter.
Expert Feed
Andy Marshall
Rethinking client engagement
Financial advisers who take the time to understand their clients' personality, emotional intelligence and learning styles stand a better ...
Stephen Fay
Landscape changes with potential for super implosion
Changes to default superannuation outlined by the recent Productivity Commission report have potential to fundamentally alter the landscape ...
Christopher Page
Redefining the family office
While the family office model has traditionally been the preserve of the ultra-rich, this may be changing very soon. Last week, Findex ...
Michelle Baltazar
Hitting the mark
Ten years from now, every financial adviser in the country will be offering their client a managed account solution. It may happen ...
Featured Profile
Professional Subscription for $295
(inc GST) for 1 year.
FS Advice
The Australian Journal of Financial Planning.
Get the free iPad app
Download the Financial Standard iPad app for FREE.
Link to something 9P5of3AH