The $12 billion First State Super Scheme NSW (FSS) is in the throes of an asset consulting review.

The review is the accumulation fund’s first since it replaced long-standing advisor Mercer Investment Consulting almost three years ago, in favour of JANA Investment Advisers. It is FSS policy to review external service providers on a regular basis, in the case of asset consultants at least every three years. The service team JANA deploys to liaise with FSS includes three of its senior consultants – managing director Ken Marshman, John Coombe and Ian Patrick. The review is understood to be receiving assistance from Chant West Financial Services, which is understood to be preparing a report for the FSS board based on submissions from most of the major advisory asset consultants. Chief executive of the 470,000-member fund, Michael Dwyer, was unavailable for comment.