Russell ups industry fund offering
Russell Investments has expanded its industry and government fund offering, with the appointment of a new sector head and the launch of a new consulting service.
Russell Future Proofing Consulting (RFPC) will offer advice and solutions to assist industry and government funds retain members during this period of regulatory change.
Chief executive for Australasia, Chris Corneil (pictured), said the service would help funds with governance issues, developing retirement solutions for members and MySuper requirements.
He said one of the major issues for funds leading up to legislative change has been the prospect of scale requirements for MySuper products, which has left some funds feeling that mergers are the only option.
Corneil said one alternative could be keeping the existing fund but outsourcing fixed costs, while areas like product development and member services can be made more cost-effective.
To lead this new service, Russell has appointed Michael Clarke as managing director, industry and government funds.
Clarke will lead a team of 15 and will be responsible for the specific needs of the firm’s industry and government fund clients.
He comes to the role from AMP Capital Investors where he most recently held the position of executive vice president and director, international.
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