The $17 billion West Australian Government super fund, GESB, has terminated its asset consulting contract with Mercer Investment Consulting following a review.
The new consultant is JANA Investment Advisers. Mercer is understood to be continuing to provide actuarial advice to the defined benefit part of the fund. (A GESB spokesperson was unavailable last week to confirm this.)
GESB is actually a state-government statutory authority and the WA Treasurer and minister for transport – until recently Troy Buswell, the hapless West Australian MP who had to retire this month due to several politically embarrassing incidents – has to sign off on the major investment decisions, such as manager selection.
Nevertheless, GESB’s seven-person board is largely independent. Only one director, Glen Townsing, who works for the department of transport, is a state public servant. The chair, John Langoulant, is a retired former state under treasurer. Well-regarded actuary and consultant Catherine Nance is also on the board.