Industry fund Asset Super has officially severed its contract with alternative asset manager Quentin Ayers.
The contract was for three years and worth around $160 million.
Asset Super chief executive John Paul said that the multi-industry fund made the decision to end its relationship with Quentin Ayers as part of its recent change in asset consultants.
Intech was replaced as Asset Super by Mercer after a tender process was concluded in July last year.
"We took on Mercer and decided to move away from Quentin Ayers, but we had to give a notice period which ended in March," Paul said.
According to Paul, Mercer already provided an alternative asset service as part of its asset consultancy which led to the severance of the Quentin Ayers contract.
Intech was the fund's asset consultant for seven years. "Despite a long relationship with Intech, it was appropriate and timely for us to review the marketplace," Asset Super chief executive John Paul said.
Asset Super manages $1.5 billion on behalf of more than 106,000 members.
