Global financial services firm Russell Investments today announced a number of successful developments which have supported the growth agenda for Russell’s newly enhanced member administration business.

Russell’s new administration model was officially launched in January 2011 following the firm’s decision to bring inhouse over 75 roles previously outsourced to IBM. The enhanced model offers a cost effective platform and provides superior technology and member services to Australia’s largest and most complex superannuation funds.

Steve Wright appointed to head Russell’s Advice Centre

Certified financial planner Steve Wright has been appointed to head up Russell’s Advice Centre, which was established to provide an enhanced advice offering through the new model.

Supported by a team of qualified advice professionals, Mr Wright will be responsible for providing on the spot advice to members on investment choice, contribution strategies and transition to retirement strategies. Mr Wright brings 20 years’ experience in financial services and joins Russell from Sunsuper where he was a senior financial planner.

Mr Sivakumaran, Director, Administration and Consulting Services at Russell, said Mr Wright’s appointment signalled Russell’s commitment to the delivery of limited advice.

“We firmly believe all members should have access to financial advice through superannuation and that Steve’s background and experience is a perfect fit for our model,” he said.

AvSuper successfully goes live on Russell administration platform

On 25 March, AvSuper was the first fund to go live on Russell’s new member administration model, having selected Russell to service its 6,000 members last December. AvSuper members are predominantly from aviation related industries and expect high quality, personalised service.

Michelle Griffiths, Chief Executive Officer at AvSuper, said Russell’s consultative approach was a major drawcard for the Fund and the implementation had taken place ahead of schedule with no disruptions for members.

“It’s been an extremely smooth process and we’ve been very impressed with Russell’s efficient team and personalised service. Russell’s willingness to develop a deep understanding of our business has enabled them to deliver highly customised innovative solutions that are scalable and tailored for our particular members’ needs,” Ms Griffiths said.

New partnership with Prime Super

Following a highly competitive tender process, Prime Super, Australia’s industry fund for rural and regional Australia, recently appointed Russell to deliver administration services to the fund’s 150,000 members. The new partnership will begin on 1 January 2012 and is now the second win for Russell’s new administration model.

“We have a significant growth agenda and felt Russell’s leading edge administration model was best suited to help achieve our goals,” said Lachlan Baird, CEO of Prime Super.

The new partnership will allow Prime Super to further strengthen its member and employer services and provide members with limited personal advice in relation to investment strategies, insurance and contribution strategies.

Russell’s superannuation administration business already provides services to over 230,000 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.

“We have made a significant investment in infrastructure developments and we believe our model is an attractive proposition for funds looking for an administration arrangement that’s tailored to their specific needs. The fact leading funds such as AvSuper and Prime Super have chosen to partner with us confirms our expansion efforts are well on track,” said Mr Siva Sivakumaran.

With Prime Super, Russell’s members under administration increase to 370,000 members.

“In the coming months, we will be aggressively recruiting to bolster our team with over 60 people. Maintaining our high quality personal service with our clients is paramount. To support our growth plans we aim to have an administration team of 280 people by year end.“ Mr Sivakumaran concluded.

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Prime Super, Australia’s only national super fund for rural and regional Australia, has agreed in principle to appoint global financial services firm Russell Investments to deliver administrative services to the fund’s 150,000 members, transferring from current provider Pillar Administration.

The new partnership, proposed to begin on 1 January 2012, will allow Prime Super to further strengthen its member and employer services with the addition of some new features.

The new initiatives include intra-fund financial planning for members wanting to discuss investment strategies, insurance, and contribution strategies, ATM access for Prime Super’s pension product and a strong member education program.

Lachlan Baird, CEO of Prime Super, said that while Pillar had provided good service and support to the fund over their eight year partnership, the additional services offered by Russell, and their technological edge, were necessary to help grow the fund.

“The decision to change administrators was not an easy one and we have undertaken a highly competitive and detailed tender process. We’ve also had a good relationship with Pillar over the life of the contract.

“Given our significant growth agenda we felt Russell’s leading edge administration model was best suited to help us achieve our goals,” Baird said.
Mark Blair, Russell’s Managing Director, Industry and Government Funds, said Russell was committed to help Prime Super drive further growth and develop more and targeted member-orientated solutions.

“We developed our administration model so that it can be tailored to the specific requirements of Australia’s largest superannuation funds”, Blair said. “We look forward to working in partnership with Prime Super to meet the individual needs of the Fund and its members.”

Driving growth and efficiencies through innovation

Baird indicated that Russell’s technology package will enhance the operations of the fund and enable Prime Super to significantly improve its online service offering to members and employers.

Russell’s data reporting capabilities were also viewed as a strength and will enable Prime Super more efficient access to fund data and assist with the decision making process for business development opportunities.

“Russell has provided us with a highly consultative approach from the outset. We have been impressed with their strong focus on member needs and innovative solutions.

“A transition plan is now in progress to formalise Prime Super’s in principle decision and we will be working closely with Pillar and Russell to ensure that members and employers have as few interruptions to service as possible during the changeover.” Baird concluded.

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