Mercer signs deals with Citibank and SFG
Mercer has completed a deal to provide Citibank Australia with research and a financial adviser portal. In a separate deal, Mercer is set to become an investment consultant to SFG (formerly Snowball Group).
The agreement with Citibank Australia follows a regional review by the Citibank Asia-Pacific head office in Singapore, according to Mercer head of wealth management Brian Long.
"They wanted someone to provide a research portal to their advisers, and they wanted someone to do their model portfolios for them," said Long.
Citibank was attracted to Mercer because the research house has people on the ground, with 140 people in the investment division in Australia, said Long.
"It's not 'pay-for-ratings' - we're on the ground and therefore don't get caught up with the blowups from people flying in every few years," he said.
Mercer has also picked up an investment consultant role with SFG , he added.
The latest deals with Citibank and SFG come after a number of "wins" last year, said Long, when Mercer entered into agreements with WealthSure, Lifespan, WHK, Credit Suisse and Macquarie Bank.
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