WTW acquires two managed investment schemes
WTW has expanded its Australian investments business with the acquisition of the management rights to two funds from NSW-based advice business, Profile Financial Services.
The multi-asset, multi-manager unitised managed investment schemes were created in April 2011 and will be known as the WTW Diversified Growth Fund (DGF) and WTW Preservation Fund (WPF) effective this month.
According to Aongus O’Gorman, head of investments for WTW in Australia, the firm has had a long relationship with Profile and these funds, having been appointed to manage the portfolios under a fiduciary management agreement in February 2018.
“Profile expressed a desire to separate the ongoing management of these funds, from its core business of financial advice. We intend to manage the funds in the same way as we have over the past five years, while also supporting Profile’s advisers to ensure their clients receive the best possible service,” O’Gorman said.
The WTW investments business currently oversees some $4.7 trillion in advisory assets globally and over $250 billion in delegated assets.
“While our initial focus is squarely on ensuring we continue to service the funds’ existing investors, we can see a growth opportunity with flow-on benefits for all investors,” O’Gorman elaborated.
“Our goal is to expand the client base, particularly into the NFP and wealth management sectors, with the intention of driving improved scale and performance and lowering fees and costs.
“We see this as a great opportunity to provide smaller institutional investors access to WTW advice combined with high quality institutional grade multi-manager portfolios.”
He added that the risk profile, liquidity, goals-based philosophy and return targets will be attractive to charities and foundations (NFPs) seeking a WTW investment solution.
“While managed accounts are the current preference of many independent financial advisers, WTW managed funds will add to our existing proposition in this sector,” O’Gorman said.
In January, WTW merged its Asia and Australasia businesses to create one Asia Pacific region, led by Simon Weaver.
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Rhea Nath
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