Brett Elvish has popped up running another asset consulting review for a major superannuation fund, and this time he will be helping determine the fate of his former employer.
Elvish, the former director of InTech Investment Consulting, has been commissioned by the near-$6 billion Local Government Superannuation Scheme of NSW (LGSS) to help it finalise its asset consulting arrangements.
LGSS has been a client of InTech for three years, however the fund’s chief executive Peter Lambert confirmed it would no longer receive “bundled research and advice” from a single consultant. The board came to this conclusion following an earlier study it commissioned from former QIC head of implemented investments, Greg Liddell, who also recommended LGSS increase its internal investment resources.
LGSS recently followed this advice with the transfer of Ken Pholsena, formerly a fixed interest analyst at FuturePlus, to an investment analyst role supporting chief investment officer Craig Turnbull. Lambert said LGSS would also heed Liddell’s other major recommendation, and look to appoint two asset consultants in the present review – one to provide pure manager research, the other to contribute to “strategic thinking” around optimal asset allocation, emerging asset classes and the like.
Lambert said InTech, which is now one of three multimanager teams within the merged Australian Weath Management/IOOF/Skandia entity, would be invited to present to Elvish during the review.
He added the process would not impact Quentin Ayers’ role as an advisor and manager of unlisted assets for the fund.(LGSS has temporarily halted contributions to the illiquid investments trust which Quentin Ayers manages for it and four other super funds, on the grounds that its listed exposures remain too low following last year’s stockmarket crash.)
Elvish, whose firm is called Financial Viewpoint, is currently running a separate asset consulting review for the $1 billion AvSuper industry fund, where Russell Investments has been incumbent for five years.
