Investment consultant Mercer has replaced Intech as asset consultant for the $1.4 billion industry fund, Asset Super.
The decision to change asset consultants followed a review of the fund's consultancy services with seven organisations participating in the tender.
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.
He said the review was particularly timely after Intech was acquired by Skandia's parent company Old Mutual in late 2006.
"Following the acquisition, Intech came to us to re-negotiate our fee structure. At that time the trustees of the board felt it was time to test the market," he said.
Over the past 12 months, Intech's consulting agreements with platform provider Netwealth and multi-manager BT Financial Group were terminated as a result of the acquisition.
The fund will meet with Mercer next week when it will begin a review of Asset Super's 30 investment managers.
"We may be looking at rationalising our existing managers but at this stage it's still early," Paul said.
