Rick Di Cristoforo

The decision taken by Matrix Planning Solutions to change investment research consultants will be complemented by an increased allocation towards passive investment management products.

Matrix managing director Rick Di Cristoforo said the decision taken to change consultants to Morningstar from van Eyk Research was one taken after long and careful consideration.

“On the research side, we’ve obviously appointed Morningstar as our new consultants but it seems people often want to put a negative spin on these things. We don’t see it that way. It’s been a long process dealing with a lot of people and we’re now happy with where we’re at.”

Meanwhile, Di Cristoforo said the decision to increase allocations to index funds wasn’t a reflection of any belief in the benefits of passive over active investment management, but rather the fact that when markets are efficient there is probably a greater role for index products while less efficient markets are more ideal for active management strategies.

“I wouldn’t say necessarily we’re taking on any greater focus towards index management or ETFs [exchange-traded funds] generally, but it’s rather just a rounding up of the available products on our approved list,” Di Cristoforo said.

Di Cristoforo confirmed the series of State Street Global Advisors-issued SPDR ETFs were already on the approved list alongside iShares.

However, unlike managed fund mandates, dealer groups are generally not required to negotiate terms or volumes with the ETF issuer. Once the ETF is included on an approved list, the ETF is added to on a portfolio-by-portfolio basis.