ClearView continues IAG unwinding
ClearView Retirement Solutions has appointed InTech Financial Services as asset consultant to further distance itself from former parent IAG after having been acquired by MBF at the beginning of the year.
To date the lion’s share of its asset consulting services were delivered through NRMA-aligned IAG Asset Management according to ClearView head of manufacturing Martyn Berry.
“Previously the entire set of functions now to be provided by InTech were provided predominantly through IAG Asset Management and followed on from being part of the IAG group,” he says.
ClearView’s sale to MBF was finalised in late January, however IAG Asset Management continued to provide it with asset consulting services as part of a transitional arrangement.
“We needed to go through a process of finding an asset consultant to effectively replace most of the IAG services, and a small portion of services offered by Assirt.
“IAG were responsible for the tactical and strategic asset allocation, and because we run a fund-of-funds they also provided us with material on investment manager research and physically selecting managers to be in the fund-of-funds, while Assirt were responsible for retail manager research,” Berry says.
Under the new arrangement, InTech will advise ClearView, which has $1.6 billion in funds under advice, on asset allocation, product construction and manager selection.
InTech chief executive officer, Michael Monaghan says the appointment reinforced his group’s standing within the traditional consulting space.
“The appointment represents a great win for the team and we look forward to working closely with ClearView to deliver quality investment solutions for their clients,” Monaghan says.
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