British advisory firm Willis Towers Watson has launched low-cost asset management marketplace, called Asset Management Exchange (AMX).
AMX is a marketplace where pension funds can invest in external asset managers, and asset managers can have access to capital. To help keep costs down, AMX will have a centralised back office and standardised fund infrastructure.
Initially, the marketplace will focus on offering ‘cost effective and simpler’ access to hedge fund strategies, with additional asset classes following later in the year, the company said in its press statement.
The initial $750m of capital on the exchange came from clients of Willis Towers Watson’s Investment business.
Willis Towers Watson CEO John Haley said: “The resulting marketplaces tend to be fairer, quicker and more transparent. They give buyers better choice and control and open up new customers for sellers and can rapidly become global in nature. We recognise the power of this trend and are backing AMX to be a catalyst for change in institutional investment.”
AMX global head Oliver Jaegemann said: “AMX will make investment smarter, easier and cheaper to implement and monitor, for both buyer and seller, and significantly improve investment outcomes for the end saver.
“We fundamentally believe that AMX is the smartest way to steward assets and Willis Towers Watson is already using the exchange for some of its delegated assets with more to follow soon.”