A key architect of the compulsory retirement savings system lauds its many achievements, stretching from the national economy to the individual. Where it’s double faulting is in serving members – and it needs to be addressed promptly.
With performance and diversification driving demand, these funds are expected to experience four-fold global growth over the next decade to nearly $AU65 trillion.
State Street gets personal with FNZ deal
State Street and systems provider FNZ Australia have announced that State Street’s Australian clients will now have access to FNZ’s wealth management technology solutions under a new arrangement which should be of interest to super funds, managers and dealer groups looking to offer new-style member directed investment options.
This combined solution will bring together FNZ’s global platform technologies and State Street’s custody and asset servicing capabilities to provide a range of personalised wealth administration services via a master platform service. These will help advisers manage portfolio transactions across various asset classes in 168 jurisdictions.
Chris Taylor, head of State Street Australia, said: “State Street has long acknowledged the importance of the wealth advice segment in the context of the Australian market, particularly with the rapid growth of the Self-Managed Superannuation Fund (SMSF) sector.
“FNZ has strong capabilities in the platform space and we are delighted to be offering innovative safe-keeping, administration and reporting services to State Street’s wealth adviser clients who have increasingly complex global investments.”
Marshall Stephen, chief executive officer of FNZ Asia Pacific, said: “The combination of our technology with State Street’s strong administration and servicing capabilities is unique in that it will give wealth advisers the opportunity to redesign and improve their product and operating models.
“We are genuinely excited to be working with State Street, not only because of the highly complementary nature of the relationship but also because of the strong cultural alignment between our organisations.”
Known as Personalised Wealth Administration (PWA), the service will be available immediately for Australian wealth advisory firms.
