Institutional investment consultancy, Jana, has announced its expansion into the retail market which will see the firm offer its managed account services to financial advice and private wealth practices as the response to the ongoing shift towards self-licensing.
This would mean that financial planning and private wealth firms would be provided with access to Jana’s managed account portfolios, tailored consulting services as well as a team of over 80 investment professionals.
Jana’s chief executive, Jim Lamborn, said the company would not exclude the opportunity to partner with a number of practices to help ensure the quality of advice.
According to the firm, the adviser-focussed consulting market was currently highly fragmented and had a wide range of players ranging from individual consultants through to boutiques to larger institutionally-owned consulting firms.
“The dramatically changing investment and business landscape means financial planning and private wealth practices need to readdress their investment structures and processes, with a heightened focus on good governance post-Royal Commission,” Lamborn noted.
“We are delighted to bring Jana's 30 year-history of deep investment insights and longstanding track record of excellence as a true alternative for high quality advice and private wealth practices seeking a strategic, long-term and reliable investment consulting partner.”
Jana launched its first set of managed accounts on behalf of a Melbourne-based advice business 12 months ago and since then it had signed on a further two clients and was now positioned to extend those discussions further.
The firm’s total assets under advice sat at approximately $600 billion, with clients including Australia’s leading superannuation funds, insurers, government departments and long service leave funds, as well as charities and foundations.