Australian Catholic Superannuation and Retirement Fund hired Frontier Advisors as its investment consultant, according to an announcement Friday from the Sydney-based A$8.5 billion ($6.3 billion) super fund.
Frontier replaces Willis Towers Watson, which has served as Australian Catholic Super's consultant for the past five years.
Michael Block, Australian Catholic Super's chief investment officer, in a news release, cited Frontier's "positive track record in asset allocation" as a factor in the Melbourne-based firm's selection. Following a periodic five-year review, "our investment committee and board felt that we could benefit from a change in consultant to improve performance," Mr. Block said.
According to a ranking by SuperRatings, a Sydney-based research, consulting and ratings firm for Australia's superannuation industry, Australian Catholic Super has enjoyed solid performance in recent years, with its balanced fund ranking eighth for the five years through June 30, on the strength of annualized returns of 9.9%.
A Frontier Advisors news release said its status as one of the few remaining sizable investment consulting firms without an outsourced CIO business was a factor in its selection. The release quoted Australian Catholic Super CEO Greg Cantor asserting that "the lack of product conflict with Frontier was central in the decision" to choose the firm.
Alex Moore, Australian Catholic Super's marketing manager, couldn't be reached for additional comment Friday.
Kelvin Ko, market manager for Willis Towers Watson's investments business for the Asia Pacific region, likewise couldn't be reached for comment.