Lonsec has entered into an agreement with Link Group to sell its digital and advice services business for superannuation funds.
The acquisition of Lonsec Fiscal's Adviser Network will add to Link Group's existing fund administration and analytics business.
Link Group was one of the interested parties in the NSW government's privatisation of Pillar Administration, which was acquired by Mercer in December 2016.
The acquisition of Adviser Network, announced yesterday, will help beef up Link Group's Information Digital and Data Solutions (IDDS) business division.
Adviser Network includes the robo-advice service Super Blueprint as well as a full suite of services for superannuation funds.
Link Group IDDS chief executive Paul Gardiner said, "The acquisition of Adviser Network is firmly in line with Link Group's growth strategy and will reinforce Link Group's position as the leading provider of innovative, digitally empowered solutions to superannuation funds."
"Superannuation funds are increasingly tapping into the power of technology to improve the member experience, and via the digital expertise of Adviser Network, Link Group will be even better placed to assist funds to develop bespoke solutions."
Lonsec Fiscal chief executive Amanda Gillespie said she expected the transition to Link Group would be "seamless" for clients.
"Lonsec will continue to focus on the execution of a number of new developments, including the soon to be launched Lonsec Connect, a service that will change the way people think about analysing financial services’ industry data," she said.
Westpac will pay the biggest fine in corporate history for its more than 23 mill...
The corporate regulator has extended the temporary relief for financial advice a...
Two of the big four banks are now forecasting another rate cut at the RBA’s Oc...