JANA Investment Advisers may have some hope of retaining its implemented consulting contract with OAMPS Super, after Wesfarmers sold the $265 million fund to Equity Trustees, where van Eyk Research is the favoured asset consultant.

The managing director of Equity Trustees, Robin Burns, said he had a “high opinion” of JANA and that even though the OAMPS Super bolt-on would be all about improving economies of scale, he would not rule out “some sort of continuing role” for the asset consultant.

Equity Trustees paid approximately $10 million for OAMPS Super, which Burns admitted may sound high for a 27,000-member fund with $265 million under management, until one considered how complementary the business was to Equity Trustees’ existing operations, and how relatively easy it would be to integrate.

By June 30 next year, Burns hoped OAMPS Super would be managed by the Equity Trustees trustee company – along with the group’s existing Wealthpac and Freedom Of Choice mastertrust offerings – and would be administered internally as well, taking over from OAMPS’ existing provider Australian Administration Services.

The multimanager investments of Equity Trustees are decided upon by an internal investment committee, which receives advice from van Eyk Research, however Burns said it was possible that an advisory role for JANA could be maintained.

Burns said the OAMPS acquisition had been funded from Equity Trustees’ existing internal resources, allowing the group to remain debt-free. It oversees $4.5 billion across its funds management, private client and super businesses – and is responsible entity for a further $14 billion, with PIMCO Australia a significant client.