McCormick said Select would now emphasise its multi-manager products, such as the Select alternatives, growth and defensive portfolios, which together hold $314 million under management, and also promote its ability to supply tailored products for dealer group clients.

None of these offerings would involve outsourcing manager selection.

Over the years Select has become both a distributor of Gottex and, through its multi-manager portfolios, an investor in its funds. In light of the events of 2008, McCormick the relationship between the two businesses was being reviewed.

“We would continue to have a relationship with Gottex as an investee if it became the case that their products weren’t offered in the Australian market,” he said.

“We’ve never been a business that’s trying to make a range of products available to the broad industry. The new focus is more about skewing it back to our multi-manager business.”