AUSTRALIA - Russell Investment Group has won a mandate from the Australian Capital Territory (ACT) Treasury to advise on its superannuation investment for the next five years.
Under the new agreement, Russell would be consultant for the state government pension scheme, the Superannuation Provision Account (SPA) and Territory Banking Account (TBA) which together hold Aus$3bn under management.
In its 2007 budget report, the ACT Treasury stated it would undertake “an investment manager review and strategic asset allocation review” over the year for SPA and TBA.
The report did not name its current investment consultant, but mentioned it received advice on its investment choices from an external source and Investment Advisory Board.
According to Russell, it fought off competition from nine consultants which tendered for the position.
In a separate development, Russell recently appointed Richard A Dinham as senior consultant and Campbell MacPherson as senior business development manager in its Sydney office. Graeme Bibby has also moved from Mercer to start as a consultant in Russell’s Melbourne office.
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