Russell notified IOOF it wished to end its consulting business to focus on implementing consulting and asset management solutions, according to a statement.
Russell continued providing IOOF with consulting advice up until 30 June so it could select a new provider to ensure and implement continuity of cover, the statement said.
IOOF chief investment officer Dan Farmer said Mercer has a solid fit to the financial services group’s existing investment methodologies and provides another layer of competitive advantage to its multi-manager investment approach.
“The appointment allows our highly experienced portfolio managers to leverage the strength of Mercer’s deep global and local manager research, their market insights and sophisticated systems in determining long-term strategic asset allocations, and holistic approach to dynamic asset allocation to support the team in the delivery of strong performance outcomes to our clients,” Mr Farmer said.
Mercer wealth management leader for the Pacific market Luke Fitzgerald said the company is delighted to be working with IOOF.
“As an extension of the IOOF investment team, Mercer will bring a different kind of perspective and true global capability to support IOOF in delivering on their clients’ needs,” Mr Fitzgerald said.
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