Russell ups industry fund offering

Russell Investments has targeted industry and government funds with the launch of a new consulting service.

Russell Future Proofing Consulting (RFPC) will offer advice and solutions to assist industry and government funds retain members during this period of regulatory change.

To lead the new service and a team of 15, Russell has appointed former AMP Capital Investors executive Michael Clarke as managing director, industry and government funds.

Chief executive for Australasia, Chris Corneil, said the new appointment and service will help funds with governance issues, developing retirement solutions for members and MySuper requirements.

He said one of the major issues for funds leading up to legislative change has been the prospect of scale requirements for MySuper products, which has left some funds feeling that mergers are the only option.

Corneil said one alternative could be keeping the existing fund but outsourcing fixed costs, while areas like product development and member services can be made more cost-effective.