Mercer bounces back with AMP contract
William M Mercerhas bounced back from the collapse yesterday of its plans to buyvan Eyk Research, continuing its push into the retail financial services market by signing a consultancy contract withAMP Financial Planning.
Under the contract,Mercer Investment Consultingwill act as the primary research service provider for AMP Financial Planning.
The arrangement, which is considered a first for a major Australian financial planning group, will provide AMP financial planners with access to Mercer’s research and advice on strategic asset allocation.
But the deal will also give Mercers, a research group primarily focused on the wholesale funds management arena, a foothold in the retail financial services industry - one of the group’s key objectives in its attempt to purchase van Eyk Research.
Mercer Investment Consulting executive director Tony Cole says Mercer’s appointment by AMP Financial Planning will allow a very large group of individual investors and their advisers to access the same research used by some of the world’s largest institutions.
Mercer will also give planners advice on selecting fund managers, monitoring performance and putting together combinations of fund managers that meet specific client needs.
AMP Financial Planning managing director Greg Kirk says the deal will help the group differentiate itself as a dealer group that adds value to planners’ businesses.
“The resources and expertise Mercer bring to the table further improve the value we add,” Kirk says.
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