Non-aligned platform provider Netwealth has named a new fund manager for its $400 million actively managed diversified funds.
The mandate was awarded to Russell Investments, with Netwealth joint managing director Matt Heine describing the new arrangement as a “compelling proposition”.
Mr Heine said Russell Investments' “highly rated multi-asset expertise” positioned them well to find value in a challenging market environment.
“With today’s low returns and high volatility environment, we believe Russell Investments’ dynamic approach to investing will help our investors weather these market conditions and provide them with a greater chance of meeting their long-term goals,” he said.
Russell Investments managing director of private client services, Siva Sivakumaran, said the company is pleased to be chosen as the fund manager, citing Netwealth’s “strong alignment with the IFA market” as a key factor.
“Russell Investments was delighted to be selected by Netwealth in this highly competitive environment,” said Mr Sivakumaran.
The management transition is expected to be finalised in August 2016.
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