Investment research provider Zenith Investment Partners has split out its investment consultancy business into a new division, Zenith Investment Solutions.

The establishment of the new division has grown out of projects earlier this year to review dealer groups' approved product lists (APL).

"We had a few ad hoc requests earlier this year which resulted in a fair bit of work in terms of looking at a couple of large groups and APLs, and providing advice on what should be held and providing advice on the research process," Zenith associate director Ben Davis said.

"They are services that have been done since the establishment of this business, but the creation of this division provides more focus and resources to this part of the business."

Davis said the increased activity around APL reviews was partly driven by the Future of Financial Advice reforms.
 
"There has been quite a level of scrutiny on what advisers have been recommending to clients," he said.

"There has been a lot more scrutiny on the approved product list. We have seen shrinkage of APLs across the board in the industry and we are taking part in providing advice to groups on which funds to hold."

Davis and Zenith partner Glen Franklin will lead the new division, while Zenith added new staff to its research teams earlier this year.

Earlier this month it announced the appointment of Bronwen Moncrieff as senior investment analyst and Chris Huang as data analyst.

Zenith said it had $35 billion in funds under advice across the group.