Industry superannuation funds have been struggling to prevent members exiting and setting up self-managed super funds, but the launch of a new consulting service from Russell should offer some tactics aimed at to retain members.
The Russell Future-Proofing Consulting (RFPC) service offers dedicated advice and solutions to assist industry and government funds to retain these vital members and their balances, and is designed to improve Russell’s competitive position, the company stated yesterday.
Russell’s CEO for Australasia, Chris Corneil, said RFPC was Russell’s response to an increased demand from industry and government funds for a more diverse range of solutions to help tackle legislative pressures.
“Funds are also demanding more diverse service such as better access to alternatives, after-tax investing solutions, more efficient implementation methods and more tailored index solutions. We are committed to help funds address these concerns so they can focus on continuing to support their members,” Corneil said in a statement.
To be responsible for the service, Russell has appointed former AMP Capital executive vice president and director, international, Michael Clarke, as managing director, industry and government funds.
Clarke will lead a team of 15 experts drawn from across Russell’s broad range of capabilities to deliver and grow the RFPC service, as well as being responsible for Russell’s industry and government fund clients.
“Russell’s new future-proofing consulting service will allow industry funds to achieve scale benefits, whilst also providing true innovation, longevity and market relevance,” Clarke said.
Clarke brings to the role experience from senior leadership positions at Goldman Sachs JBWere Asset Management.