Russell Investments has hired former AMP Capital Investors international business director Michael Clarke to expand the firm's consultancy services to industry superannuation funds.
Clarke has been appointed as Russell industry and government funds managing director and will head a team of 15 people from various parts of the business.
He will drive a new consultancy service, called Russell Future Proofing Consulting, which offers tailored services to help industry funds grow their member base and develop relevant products.
"This is not about flogging a product; it is about working with funds to solve the strategic puzzle," Russell Australasia chief executive Chris Corneil said.
"We work in partnership with the industry fund and try to understand all the components that they offer and take any of those components and form-fit it. [It is] very much like the Rubik's Cube: the combination is different for each industry fund."
The service expands on existing consultancy services, including governance and investment consulting, after-tax investing advice, implementation services, access to alternative investments and Russell's Total Fund Evaluator.
Corneil said the service was launched in response to increased demand from industry and government funds for a more diverse range of solutions to help tackle legislative pressures.
"Even before the outcome of Stronger Super is known, the knock-on effect of the Cooper review has left funds grappling with a range of challenges, such as strengthening their governance practices, satisfying MySuper requirements and developing retirement solutions for members," he said.
"Funds are also demanding more diverse services, such as better access to alternatives, after-tax investing solutions, more efficient implementation methods and more tailored index solutions."
He also said the service would help funds develop a strategy in response to the greater pressure from the government to build scale. "It provides an alternative to funds who think their only option is a merger," he said.
