Adviser clients of State Street will have access to a new wealth administration tool following the announcement of a partnership with technology provider FNZ Australia.
The service would “help advisers manage portfolio transactions across various asset classes in 168 jurisdictions”, according to a statement from State Street. Head of State Street Australia Chris Taylor said the company had long acknowledged the importance of the wealth advice segment, particularly the growing 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,” he said. CEO of FNZ Asia Pacific Marshall Stephen said the partnership was an opportunity to provide advisers with improved products. “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,” he said. The new service is known as Personalised Wealth Administration and is currently available to Australian advisers.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
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