The $1.2 billion Harwood Superannuation Fund last week completed its search for an implemented consultant, and is understood to have earmarked incumbent asset consultant, Russell, for the role.

Fund secretary, Roslyn Ramwell, confirmed the corporate fund’s trustee board had made an in-principle decision and was “working with a single party”, but would make not a formal announcement until contracts and investment management agreements had been signed. Russell has been Harwood’s asset consultant since 2003, when it took over the fund’s long-running relationship with Towers Perrin. The fund already uses a couple of Russell Investment Group products, namely its Australian Shares Aggressive Fund, and a currency hedge over the international shares portfolio. Harwood Super had been one of a handful of self-investing corporate funds remaining in Australia, however that status was reviewed following the departure of long-time internal investment manager, Marian Carr, last year. Ramwell said improved access to investment products and lower costs for members were other benefits the fund hoped it would derive from a move to implemented consulting. The tender was run by Warren Chant of Chant West Financial Services.

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