- published on 20/05/2013
HESTA was the top-scoring fund in a survey of member-satisfaction levels carried out by CoreData Consulting, which has highlighted the need for more tailored ... [more]
Russell Investments has made two new institutional business hires, and re-deployed an existing executive as it dedicates resources to servicing industry/government super funds, financial institutions and asset consultants.
Mark Plimley, formerly the head of consultant relations at UBS Global Asset Management, has joined Russell in a newly created role as senior business development manager for financial institutions. Russell this year had a big asset consulting win in the financial institution stakes – that of IOOF Funds Management – and Australasian CEO Chris Corneil said the firm was keen to expand its presence among entities such as insurance companies.
Meanwhile, Divyesh Bhana is serving out his notice at BNP Paribas Securities Services, where he is a relationship manager, before becoming a consultant relationship manager for Russell.
Existing Russell senior BDM, Ty Thurgood, is shifting to a role working with all non-corporate super funds – principally industry and public sector funds. Corneil said Russell was expanding its relationship with this community of funds, in particular around its transition management and implementation efficiency services.
He added that the ‘total fund evaluator’, a tool developed by Russell actuaries to test the appropriateness of a fund’s investment holdings as they relate to its payout profile, had been namechecked by ASIC in its discussions with super funds.
Corneil also revealed that Russell had this year put together an advisory committee, which has met quarterly with Russell executives since April. The committee includes former BT Investment Management chief Ian Martin, former Victorian Funds Management Corporation (VFMC) chief executive Syd Bone, former VFMC chair Bob Officer, and former Westpac Staff Superannuation chair Helen Lynch.