The $1.3 billion legalsuper is mid-way through tendering its asset consulting contract, held by the incumbent for six years.

Chief executive officer of legalsuper, Andrew Proebstl, said the fund had received all proposals from asset consultants aiming to be the primary investment advisor to the fund.

The incumbent provider, JANA Investment Advisers, has consulted to legalsuper and its predescessor, the Legal Industries Superannuation Scheme (LISS), for six years.

Proebstl and the legalsuper investment committee are running the tender and aim to make a final decision before the end of the financial year, he said.

JANA Investment Advisers was consultant to the LISS, which merged with a Mercer client, the Legal Industry Superannuation Trust, to form legalsuper in 2005. As the continuing fund and trustee, LISS retained JANA as the asset consultant to the new fund, and renewed this contract following a tender three years later.

In addition to essential qualities such as strong research capabilities and diverse skills at a reasonable price, legalsuper aimed to appoint a consultant “that will continue an intellectual discussion around investment opportunities” and “take us forward with smart ideas”, Proebstl said. “We’re willing to question the status quo.”

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