Platform provider netwealth has appointed Russell to manage its $30 million multi-manager porfolio terminating its consulting agreement with Intech.
Netwealth director of distribution and marketing Matt Heine said the business decided to review its asset consultant after the purchase of Intech by Skandia in September 2006.
"The acquisition prompted a review of the market. We chose Russell because of their global scale, their returns and their ability to service our adviser network," Heine said.
According to Heine the deal will mean a 20 per cent fee reduction on all its multi-manager funds.
"This will mean we can pass on significant savings to investors," he said.
Netwealth has four funds including Australian shares, international shares and global property.
Netwealth has hired a number of providers over the past four months.
In July the firm renewed its insurance contract with AIG.
In November research house Standard & Poor's (S&P) was appointed to provide research to the group's 300 planners and 55 dealer groups of netwealth.
