WHK appoints Mercer for research

WHK Group has appointed Mercer to provide investment research support and Macquarie Private Wealth to provide share execution services following a competitive market tender process.

The appeal of each lay partly in having access to a blend of services from both Mercer's expertise in strategic asset allocation on funds management and Macquarie's direct shares expertise to form a "best of breed" solution, said John Cowan, WHK's head of financial services.

Macquarie and Mercer had worked together previously in Macquarie Private Wealth Management, which added to the appeal, Cowan said.

WHK have also made the internal appointment of incumbent Jeremy McPhail as head of research following a market review, and Cowan said it was pleasing to see an internal candidate standing tall.

 "I am excited about coordinating our use of Mercer's expertise for research throughout WHK, accompanied by Macquarie Private Wealth's services to help put that research into practice for our clients," McPhail said.

"Their expertise when combined with our existing internal capabilities will provide a greater depth of expertise for our growing base of financial advisers and diverse needs of our clients," he said.

Mercer's Head of Wealth Management in Australia and New Zealand Brian Long said Mercer went to tender in partnership with Macquarie as a joint offering and did not want to be involved with a second tier direct share offering. WHK embraced the joint offering early in the tender process, he added.

Long described the appointment as a major win for Mercer, which earlier this year stated its intention to make a push into the retail space as a multi-faceted service provider that could provide not just investment research and asset allocation but consulting and governance services, as well as having a global reach.