Russell wins AFS multi-manager mandate
Multi-manager Russell Investment Group has struck a deal worth an initial $180 million with financial planning dealership Australian Financial Services (AFS) to manage its superannuation investment arrangements.
Under the new alliance Russell will take over the management of the 7,500 clients invested in AFS Strategy Multi-Manager program. The Strategy range of products are administered by Oasis Asset Management, with AFS currently the largest client on the books of the platform provider, having maintained an alliance since 2000.
Russell’s director of redistribution Chris Corneil says the multi-style investment process is designed to reduce the need for clients to switch between managed funds as the market favours or punishes various investment styles.
AFS chief executive Peter Daly says the deal with Russell will convert into lower fees for investors, as a result of Russell’s wholesale multi-manager fund arrangements, and says AFS no longer has to worry about consequences of changing style or underperforming managers.
“We don’t need to rebalance the diversified funds,” Daly says.
The signing of the multi-manager mandate with Russell marks Daly’s first foray into fulfilling his mandate set back in March this year when was appointed as AFS managing director following a full strategic review of the group.
Prior to joining AFS, Daly held the position of insurance group OAMPS Financial Management chief executive.
Recommended for you
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
With the high cost of advice keeping young Australians locked out of advice, a fintech provider has said digital advice is key for licensees to capture this unadvised demographic.
ASIC chair Joe Longo has announced he will step down at the end of his term, departing the corporate regulator in May 2026.
When it comes to the phase-out of AT1 bonds, Schroders fixed income manager Helen Mason has urged financial advisers to sell up sooner rather than later or risk capital losses.
