AM, Mercer sever ties
AM Corporation and William M Mercer have pulled the plug on their $130 million joint venture master trust and $105 million fund set up in June 1996.
AM Corporation and William M Mercer have pulled the plug on their $130 million joint venture master trust and $105 million fund set up in June 1996.
The two groups agreed to end the venture following the acquisition of Sedgewick Noble Lowndes’s (SNL) global business by Mercer’s US parent group Marsh & McLennan. AM had previously run the back office of the operation while SNL had marketed both the SNL Masterfund and the SNL Managed Investment Service.
AM will take over management of the master trust and has announced plans to re-name it the LifeTrack (corporate) superannuation fund. The SNL Managed In-vestment Service will not take any new money and existing clients are being en-couraged to transfer to the Mercer Sector Specialist Trust.
In line with taking over management of the master trust, AM has named former ipac executive Grant Wilson to develop the master trust.
Wilson will be working alongside long-term AM executive Brett Dolling.
AUTHOR
Jason Spits
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