The implemented consulting arm of Ibbotson Associates in Australia is understood to have lost a super fund clients to a rival provider, however not two as was implied by an earlier version of this story.

I&T News understands that BOC Super, the corporate fund of BOC Gases, has selected JANA Investment Advisers to manage its $420 million in assets in an implemented consulting arrangement.

BOC Super’s superannuation manager, Allan Murphy, said the fund’s asset consulting tender “hasn’t been officially completed” and that JANA had not been appointed – however it’s understood the fund’s portfolios are currently being transitioned to the consultant’s unit trusts from Ibbotson.

Meanwhile Ibbotson has retained its implemented consulting contract with the $650 million REI Super, despite the best efforts of JANA’s implemented consulting unit to win the business. JANA is understood to have presented to the real estate industry super fund’s full investment committee a month ago.

Anthony Serhan, managing director of Ibbotson, said the company remained “very committed” to the Australian institutional market and, in addition to marketing its implemented and traditional consulting services, had brought its lifecycle investing skills to market.

He said Ibbotson had “proven experience” in designing customised default funds for large employer groups in the US. He was unable to comment on client matters.

JANA has $10.7 billion under management in its two implemented consulting vehicles, which are a fully distributing unit trust or a ‘tax paid’ version within the MLC Statutory Fund for non-super clients.