JANA FUA reaches $1.3tn as it takes on national advice firm
JANA has been chosen as the investment adviser for national financial advice firm Alteris Financial Group, its second appointment this month.
Alteris has funds under advice of $1.8 billion, with offices in Sydney, Brisbane, Melbourne, Rockhampton and Gladstone, and more than 80 staff.
The addition of Alteris means JANA now manages over $10 billion on behalf of private wealth and advice practices in Australia, and has total funds under advice of $1.3 trillion including industry superannuation funds, insurance and family offices among others.
Michael Karagianis, head of wealth, said: “We are extremely pleased to have been appointed as the consultant for Alteris and look forward to a long and positive relationship over coming years.
“We understand the diversity of the wealth sector and the unique requirements of private wealth and advisory practices. We are seeing more practices leverage JANA’s institutional quality advice and scale to find best-in-class investment opportunities for their retail and wholesale clients.”
Alteris chief executive, Keith Jones, said: “After an extensive and thorough review process across many high-calibre asset consultants, we are excited to be working with JANA. We believe JANA’s strength of research capabilities and resources, successful track record in the asset consultant space, and alignment in philosophy will enhance our client outcomes and experience.”
This is the second appointment of JANA as it was chosen last week as the investment consultant for charitable development fund Uniting Financial Services (UFS). UFS provides lending and investment services to the Uniting Church, the Synod of NSW and ACT.
Supporting not-for-profits (NFPs) is a key strategic focus for JANA in 2024, it said, and the firm has welcomed four non-profit companies over the last 12 months.
“There’s a lot of opportunity for JANA to support more NFP organisations, such as for-purpose organisations, foundations and universities, who can benefit from having an independent, institutional investment consultant,” said Michael Maher, senior consultant and head of not for profits.
“We understand the diversity of the NFP sector and the unique requirements when it comes to investing, especially in the religious and charitable sector, whom often have unique ESG commitments. This rings true for most NFP organisations whose investment strategies need to be deeply aligned to their mission and generate revenue streams that support them in their long-term success.”
Edwin Lo, chief investment officer of UFS, said: “We believe the appointment of an asset consultant will help to deliver sustainable portfolio outcomes for clients over the long term, incorporating our fundamental investment and ethical beliefs, as well as helping UFS to enhance its client engagement and product development programs.”
AUTHOR
Laura Dew
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
