The Auscoal and Military Super funds are among four big foundation clients for an investment advisory business being established by former FuturePlus CIO, Terry Newson.

The Seafarers and Stevedoring industry funds will also use Newson in his new venture, Maritime & Mining Investments Group. Meanwhile the other two funds for which he ran investments at FuturePlus – the NSW Local Government Super Scheme (LGSS) and Energy Industries Super Scheme (EISS) – will probably advertise for a replacement CIO, according to LGSS chief executive Peter Lambert. The $6 billion LGSS will also shortly end its brief relationship with Intech, which only replaced Russell as the fund’s asset consultant last June. “;Intech made it clear to us that we didn’t really fit into their future business plan,”; Lambert said. In I&T News last week, Intech chief investment officer Ron Liling said the Skandia-owned firm wanted to bring remuneration from its ‘traditional’ advisory clients in line with earnings from its implemented clients. Lambert said the fund’s future asset consulting needs would be decided after a new CIO was found. “;We think it’s only fair that person has a fairly big say in the consulting decision,”; Lambert said. Meanwhile a former colleague of Newson’s at FuturePlus, Gavin Mork, is joining Auscoal as a senior analyst. Newson was unavailable for comment at presstime, but it is understood his new business will be based in Wollongong, where he recently finished building a home. Newson had been commuting each week between FuturePlus’ Sydney offices and Wollongong.

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