Netwealth selects Russell as preferred Multi-Manager
Appointment reflects Russell's strong global investment expertise, efficient and timely processes, and deep understanding of Australian financial advisers’ investment needs
SYDNEY, December 6, 2007 – Global investment and superannuation specialist, Russell Investment Group, and independent platform and service provider, netwealth Investments Limited (netwealth), today jointly announced Russell's appointment as investment manager of all of netwealth’s Multi-Manager Funds.
Russell’s assignment follows netwealth’s extensive six-month review of the industry. netwealth selected Russell based on its comprehensive experience as a Multi-Manager, depth of global resources, strength and quality of dedicated research capabilities and superior fund performance. The appointment was also supported by ratings from independent research house, Lonsec. The researcher has awarded Russell the only “Highly Recommended” Multi-Manager rating for the last three years. ¹
Under the new agreement, Russell will manage all seven netwealth Multi-Manager Funds, representing approximately AU$30 million. The netwealth Multi-Manager Funds include four diversified funds, Australian Shares, International Shares and Global Property options. Russell’s appointment further supports netwealth’s ‘preferred partner program’, which promotes joint working relationships with the leaders in key sectors most closely aligned to netwealth’s business, such as Multi-Manager Funds, Wrap and Superannuation Services.
netwealth’s Director of Distribution & Marketing, Matt Heine, commented, “This is our third preferred partner appointment and we expect to make further announcements by year end. The first appointment where AIG was selected as insurance partner, for netwealth Super Wrap, resulted in reductions of up to 17% in premiums for members. netwealth has successfully transitioned to Russell and Russell’s global scale and leverage with fund managers will enable netwealth to reduce fees on its Multi-Manager Funds by more than 20 per cent, imparting significant savings to investors,” Mr Heine stated
Chris Corneil, Managing Director, Retail Investor Services for Russell in Australia, said that the firm welcomed netwealth’s appointment, which reinforces Russell’s dominant position as a pioneer in the Multi-Manager investing space. “We are very pleased about our appointment as the investment manager for netwealth’s Multi-Manager Funds. The Multi-Manager portfolios are one of the fastest growing categories in Australia and around the world as investors seek greater investment diversification and advisers are seeking a more streamlined way to run their business.
“Not only has Russell demonstrated that well constructed Multi-Manager portfolios are a more efficient way to invest, but 59% of Russell users recently surveyed said that investing with Russell has given them more time to offer additional services.
“We look forward to working with the netwealth team and their clients to deliver institutional quality investment solutions to individual investors,” Mr Corneil concluded.
Issued by Russell Investment Management Ltd ABN 53 068 338 974, AFS Licence 247185 (“RIM”). This document provides general information only and has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. This information has been compiled from sources considered to be reliable, but is not guaranteed. Past performance is not a reliable indicator of future performance. Any potential investor should consider the latest Product Disclosure Statement (“PDS”) in deciding whether to acquire, or to continue to hold, an investment in any Russell product. The PDS can be obtained by visiting www.russell.com.au or by phoning (02) 9229 5111. RIM is part of the Russell Investment Group (“Russell”). Russell or its associates, officers or employees may have interests in the financial products referred to in this information by acting in various roles including broker or adviser, and may receive fees, brokerage or commissions for acting in these capacities. In addition, Russell or its associates, officers or employees may buy or sell the financial products as principal or agent.
Disclaimer: The financial product advice or information displayed is of a general nature only. It has been prepared without taking into account your particular objectives, financial situation or needs. Applications to invest in any financial product issued by netwealth Investments Limited (“netwealth”) must be made by completing the application included in the relevant Disclosure Document or Product Disclosure Statement, which can be obtained from netwealth. Investors should consider the applicable Disclosure Document or Product Disclosure Statement before deciding to acquire or dispose of the product. ABN: 85 090 569 109 AFSL: 230975 RSE Licence No. L10000192
1. Current Lonsec rating as at May 2007. Any Lonsec Limited (“Lonsec”) (ABN 56 061 751 102) rating presented in this document is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s) alone. It is not a recommendation to purchase, sell or hold any securities, and you should seek independent financial advice before investing in this product. The ratings contained in this document are reasonably held at the time of completion but are subject to change without notice and Lonsec assumes no obligation to update this document following publication.