JANA Investment Advisors has been appointed by the Australian Scholarships Group (ASG) to provide an implemented consulting service for $465 million of its members’ funds.

JANA will consult on ASG’s transition of its older benefit funds from a fixed interest to a balanced funds strategy. JANA will provide an implemented consulting service for a portion of three of ASG’s 19 Australian funds. ASG said it had existing management arrangements with State Street Global Advisors, UBS Global Asset Management, and Deutsche Asset Management. ASG is a friendly society specialising in education benefits, with $1.5 billion in funds under management. Terry O’Connell, managing director of ASG, said the forecast of continued low global inflation prompted it to recommend that members change their investment mandate. “The recommendation was enthusiastically received by members and passed at the annual general meeting.” He said the ASG took a considered approach to changing its conservative investment approach. “We believe adopting a moderate risk fund profile using a balance of income and growth assets designed to achieve steady capital growth over the medium term will potentially produce the results we are seeking and continue to achieve worthwhile educational benefits for our members’ children,” O’Connell said.