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
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.