Managers vie for $600m Super Solution product
NorwichUnion will decide by the end of July which of four asset consultants will manage the pre-mix investment option of its Super Solutions product.
Four asset consultants have submitted tenders — InTech, van Eyk, Mercers and InvestorWeb after the pre-mix option was put out to tender in May. The winner will also manage a pre-mix option for Navigator.
Norwich Union group director distribution Allan Griffiths says inflows for the investment option on both Super Solutions and Navigator could be up to $600 million a year.
The winning consultant will appoint managers for the pre-mix option, which is expected to be up and running by September.
Griffiths says the demand for a more transparent pre-mix option came from the top 20 adviser groups using Super Solutions. These groups have been formed into a network called Quantum.
The groups, which also include CPA accountancy firms, are major corporate superannuation writers and are using the Norwich product.
Griffiths says the company is using Quantum as a source of improvements to the product which now has more than $400 million of funds under management.
The Super Solutions product is also re-badged for CPAs and Griffiths says the latest moves add credibility to the product, which is important for accountants.
Norwich has also formed another network, called Super Achievers, for dealer groups wanting to enter the corporate super market. Griffiths says it is also an educational based-group and if the dealer groups become major writers, they will then be admitted to the Quantum group.
Super Solutions offers the traditional mix of investment products using a pre-mix option, where Norwich selects managers, or where fund trustees picked the asset classes.
AUTHOR
Jason Spits
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
