AvSuper has selected Russell Investments to provide fund administration services to its 6,000 members. This is the first win for Russell’s new in-house administration model, set to kick off on 1 January 2011.

“What really attracted us to Russell was their consultative approach – they recognise that not every super fund is the same and worked with us to customise a modern administration solution that is scaleable and tailored for our particular members’ needs,” said Michelle Griffiths Chief Executive Officer at AvSuper.

“We were impressed with the extensive level of detail Russell presented about their administration model which clearly demonstrated their ability to support us in providing the highest level of personalised service to our members,” she said. Russell is set to commence as fund administrator to AvSuper in early 2011.

Today’s announcement follows Russell’s earlier decision to strengthen its administration business in order to be able to better assist and engage fund members by bringing in-house over 75 roles previously outsourced to IBM. In addition, Russell is enhancing its existing global offshore capability to allow non member-facing activities to be carried out in the most accurate and cost-efficient way.

“The transition to our in-house administration model is going very well, and we are excited at the developments the new model offers our existing clients and the new business opportunities it presents us, like our new partnership with AvSuper,” said Mr Siva Sivakumaran, Director, Administration and Consulting Services at Russell.

“This is the first step in what we believe will be an attractive proposition for funds looking for an administration arrangement that’s tailored to their specific needs,” he said.

Russell’s superannuation administration business provides services to over 220,000 individuals and includes contributions and benefit payment processing, insurance and claims management, choice of fund, financial reporting, online services, interactive voice response, call centre and financial advice.

“It is encouraging to have a fund like AvSuper choose our new administration model and confirms our efforts are on target,” Mr Sivakumaran concluded.

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J.P. Morgan Treasury & Securities Services has today announced it has completed the successful migration of direct and master custody clients from ANZ Custodian Services. ANZ Custodian Services was acquired by J.P. Morgan in November 2009.

Completed on time, within one year of the acquisition, this migration has increased the assets held under custody by J.P. Morgan in Australia & New Zealand more than 20 per cent. With more than 150 ANZ Custodian Services staff in Melbourne and Wellington accepting roles with J.P. Morgan, the firm’s footprint has been dramatically increased in these two key financial services hubs.

Jane Perry, CEO of J.P. Morgan Treasury & Securities Services, Australia and New Zealand, said the strategic acquisition of the ANZ Custodian Services business builds on J.P. Morgan’s service offering as the only local firm to provide the full range of global, domestic, direct custody and fund administration services to local and international institutions and fund managers.

“As custody continues to move towards a scale-driven business model, we will continue to ensure that our clients benefit from our integrated solutions, our global platform, and our deep local expertise in the local market. We remain committed to enhancing our on-ground coverage in key Australasian financial centers such as Sydney, Melbourne and Wellington, and further broadening the wide range of innovative solutions available to our clients,” said Perry.

The completion of the ANZ project follows J.P. Morgan’s recent announcement of the expansion of its direct custody and clearing capabilities globally, with the first phase build-out of the offering covering Australia and New Zealand, Taiwan and India in Asia Pacific, along with the United States, United Kingdom and Russia. The firm already offers a globally integrated custody and clearance service backed by a unified technology platform to institutional investors in more than 100 markets.

“Direct custody is a natural extension of our existing business and is part of J.P. Morgan’s expansion plans globally. A direct custody service enables us to meet the needs of clients with cross-border investments in Australia and New Zealand, and to add new clients seeking local custody and clearing services and grow these relationships globally,” she added.

“The migration of ANZ’s Custodian Services clients, combined with our enhanced direct custody network, mark a milestone for the Treasury & Securities Services business in Australia & New Zealand. We are excited about the future opportunities in the direct custody and administration space and we look forward to better servicing the needs of our existing and future clients.”

The provision of direct custody in Australia & New Zealand is part of the Asia Pacific growth plan for the Treasury & Securities Services business, with the firm expanding its local on-ground presence, enhancing its range of market leading products and elevating its client servicing capabilities year-to-date, J.P. Morgan Treasury & Securities Services has hired an additional 500 financial professionals in Asia Pacific to broaden its regional coverage and further develop its partnership with clients. J.P. Morgan Treasury & Securities Services provides solutions to corporate and institutional clients across the region.

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