Commonwealth names Towers Perrin as consultants
Towers Perrin will supply investment advisory services for the Commonwealth Bank Group after being appointed asset consultants for the banking group.
Towers Perrin will offer its services on the Commonwealth’s investment product offerings and will start with a review of the Commonwealth’s master trust range which currently has more than $10 billion in funds under administration.
Part of the review will also concentrate on providing advice in relation to investment manager selection and portfolio construction.
Commonwealth head of Australian financial services John Mulcahy says the review will ensure the group's investment products provide superior selection of quality investment solutions and should consolidate the group's position in financial services.
The selection of Towers Perrin was the result of the recent creation of a specialist investment advisory unit operating under the head of Commonwealth Investment Management Nick Basile and was central in the selection of an asset consultant.
The deal with the Commonwealth is the second large scale deal struck this year. In January it took on the administration, actuarial and consulting services for the News Limited three superannuation funds which have a combined total of over $1 billion in assets under management held by around 11,000 members.
Since then Towers Perrin has also signed a deal with RetireInvest and Godfrey Pembroke for the two groups to supply planning advice to members of Towers Perrin’s SuperSolutions superannuation package.
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