Impartial and independent advice were key factors behind BT's decision to replace Intech with Watson Wyatt as the asset consultant to its multi manager funds.
"The appointment of Watson Wyatt reflects BT's priority to act in the best interest of our investors and our continued desire to partner with a leading investment consultant who can provide impartial and independent advice in the manager selection process," BT head of investment solutions Stuart Brentnall said.
In November Skandia purchased the Intech business. The Skandia business is one of BT's major competitors.
Intech, however, will still continue to work with BT in product distribution to the retail and wholesale market. BT's multi manager funds will also remain invested in the Intech International Shares High Opportunities Trust.
Watson Wyatt will provide BT's multi manager and partner series with advice on investment manager selection including the monitoring and review of these managers.
"As we are an independent asset consulting business we are able to provide independent advice that does not comprise BT's fund of fund business," Watson Wyatt senior investment consultant Graeme Miller said.
"The appointment by BT once again cements our position as the leading independent advice firm in the market," he said.
In November Watson Wyatt was appointed as the asset consultant to the Future Fund. The firm manages over $150 billion in funds under advice and $2 trillion worldwide.
