Independence key in Snowball consultant change
Counterpoint is to provide investment research and portfolio design services to the Snowball Group following incumbent research and asset consultant to the group, Dominic McCormick, now focusing on his new venture with Select Asset Management.
Snowball managing director Tony McDonald says the independence of the Counterpoint Group - a provider of investment consulting services to superannuation funds and master trusts - is one of the key reasons behind the replacement of McCormick, who is chief investment officer at Select.
McDonald says independence of ownership, particularly in the investment consulting area, is “a very important issue, with our own strong focus on providing independent advice”.
The financial planning group also touted the breadth of experience across Counterpoint in influencing the appointment.
McDonald says the collective experience of the group, including investment management, stock broking, asset consulting, private equity management, actuarial and accounting, gives Counterpoint “a strong handle on the issues currently facing the investment industry”.
Counterpoint is a privately owned investment consulting firm directed by John Parrish, who says independence is becoming an increasing advantage, as a growing number of companies in the investment industry are developing business lines that give rise to potential conflicts of interest.
Parrish moved to his role at Counterpoint after a short tenure as head of ratings at research house Assirt, prior to which he was investment consulting general manager at consulting group NSP Buck.
Snowball currently has around $550 million in funds under advice and administration.
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