Mercer, a well-known investment consultant for pension funds, is to start offering asset allocation advice to a financial adviser platform.
Openwork, which supports 3,000 advisers across the UK, has appointed Mercer to bring “institutional-level insight and expertise” to its Omnis Managed Portfolio Service, due to be launched in April.
Mercer, which began offering high-level advice to wealth managers in 2013, will help with asset allocation decisions and provide research and advice on markets, economies and investment strategies.
Openwork’s discretionary service stems from the expansion of its Omnis proposition, which distributes ten specialist sector funds, including bespoke strategies run by Woodford Investment Management and Schroders.
Announcing the deal with Mercer earlier this week Mark Duckworth, CEO at Openwork, said: “We think this proposition should hold real appeal for advisers at a time of significant uncertainty for markets as well as the UK and global economies.”
Openwork is 25% owned by Zurich.
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