AMP gives Mercer the boot

Towers Watson has advised on AXA's ipac diversified funds since 2006 and following a review was selected as a single asset consultant for the AMP Capital and ipac multi-manager funds.

Mercer has provided asset consulting services for AMP Capital's Future Directions and Responsible Investment Leaders ranges since 2003, and its agreement was due to expire at the end of the year.

AMP reviewed Mercer's role because of the deal's imminent expiry and because "AMP Capital's requirements for asset consulting services have changed in recent years as our multi-manager team has grown in size and increased its capability," according to a press release by AMP.

"The integration of AMP and AXA presented an opportunity to add the ipac multi-manager funds to the scope of the review and appoint a single asset consultant for the multi-manager funds of the combined business."