The $11 billion investment facility of the NSW Treasury Corporation (TCorp) has appointed a new asset consultant, continuing a horror run on the traditional consulting front for InTech.

After a search co-ordinated by Warren Chant of Chant West Financial Services, TCorp selected JANA Investment Advisers to replace InTech, with parties being informed last Monday. “;Amongst other things, JANA has demonstrated consistent delivery of superior client outcomes as well as providing a flexible approach to asset consulting,”; a TCorp spokesperson said. The general manager of investment and consulting at Skandia/InTech, John Gethin-Jones, said InTech had fought hard to retain TCorp and was disappointed with the outcome, although at seven years the relationship had been “;a long one”;. He admitted there had been “;some confusion”; around InTech’s future in the advisory consulting space. In the last two years it has lost marquee client NSW State Super, as well as NSW Local Government Super Scheme, Asset Super, and most of its BT multimanager funds relationship (BT remains invested in the global shares High Opportunity Trust). Gethin-Jones said InTech retained an advisory business (Clearview is a major client) and would seek new advisory clients, but only where “;long term there is the prospect of them letting us implement at least some of that advice”;. Gethin-Jones reiterated the view first put by his predecessor, InTech founder Ron Liling, that the future growth of the business would be driven by implemented consulting. InTech retains $15 billion under advice and implementation, including the Skandia funds.