Russell joins up with Associated Planners
The FrankRussell Company has formed a new alliance to distribute its series of multi-manager funds through the Associated Planners dealer group, amidst continuing speculation about the future of its distribution relationship with the ANZ bank.
The alliance is the second formed by Frank Russell with a major dealer group this year, after it announced in February that it had struck a deal to distribute its multi-manager funds through the Professional Investment Services (PIS) adviser network.
The new alliance will mean Russell will distribute three customised multi-manager funds, to be called the Foundation Portfolio funds, through Associated Planners’ Solar Wrap platform.
But the announcement is set to heighten speculation about the future of Russell’s existing four-year distribution arrangement with ANZ.
The arrangement is due to expire next year, prompting speculation that it will not be renewed given ANZ’s recent formation of a funds management joint venture with ING, which offers its own range of multi-manager funds, the Optimix funds.
Frank Russell senior executive of worldwide third-party funds distribution Len Brennan says the group would aim to maintain its relationship with ANZ.
But ING Australia head of product management Jarrod Brown has confirmed toMoney Managementthat the relationship will be reviewed, with a final decision on its future to be made jointly between ING Australia and ANZ.
Associated Planners managing director Ray Miles says the alliance with Frank Russell would give its advisers more options in designing the investment portfolios of clients.
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