Asset consulting in the future
Fiona Trafford-Walker, Frontier Investment Consulting
Ken Marshman, JANA Investment Advisors
Brief history of Asset Consulting
• Actuaries then Specialists
– Up to the late ‘80s, asset consulting was typically offered by actuarial
firms; by ‘generalists’.
– First specialists (Bird Bowers Nolan et al) in AC units/firms in late 80’s.
– In the early 1990s, the main advisory firms included John A Nolan &
Assoc, Towers Perrin, Mercer, Frank Russell, Intech, IPAC.
• Expanding services
– Specialist unit/firms lead to more tailored, strategic advice.
– MLC offered implemented consulting/multi-manager at that time,
(advised by Frank Russell).
– Some consulting firms also offered implemented consulting; including
Mercer, JANA, Russell, Intech; but not all firms.
– Evolution since includes a broadened focus; eg unlisted assets (Access
Capital and others).
Brief history of Asset Consulting
• Ownership
– Initially AC units within existing firms eg Towers Perrin, Mercer.
– IFS born in 1994. IFS Asset Consulting separated out in 2000 to form
Frontier Investment Consulting.
– John A Nolan and Associates sold to NAB in 2000; became JANA
– Watson Wyatt seriously entered the market in early 2000s.
– Mercer absorbed some smaller actuarial and asset consultants.
– IPAC sold to AXA (2003); Intech to Old Mutual (2006) then IOOF
(2009).
– Towers Perrin asset consulting & super business in Australia sold to
Russell in 2005.
– Watson Wyatt merged with (rest of) Towers Perrin to create Towers
Watson in 2010.
• The future?