Bravura backs Northern Trust market entry
Bravura has announced it has agreed to a deal with Northern Trust, supporting its entry into the Australian superannuation investment accounting market.
Northern Trust acquired an Australian banking licence last month, allowing it to provide banking, asset and custodian services to its Australian-based clients, and it is now expanding its service offering within the Australian superannuation fund industry.
Northern Trust’s Australian managing director, Paul Cutts, said after an extensive review of IT providers, Bravura and its Garradin software offered a proven solution.
“The collaboration will allow us to service the superannuation investment accounting market from our Melbourne offices while also leveraging Northern Trust’s full global capability,” Cutts said.
Bravura’s Garradin software is a comprehensive, multi-currency platform with a diverse range of securities functionality, including stapled securities and instalment warrants.
For superannuation funds, Garradin provides management of inter and intra fund reconciliation and administers Australian tax requirements and a diverse range of securities.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.