Consultancy launched for boutiques

A formerAXAcompliance manager has launched a new consultancy aimed at boutique fund managers.

Murray Jones is offering compliance and operational risk management through his Melbourne-based company Compliance and Risk Services.

“The drivers for fund managers outsourcing these services have been expense reduction and consolidation of the market,” Jones says.

“We are targeting small to medium-sized boutique fund managers to develop a service relationship, rather than just one-off projects.”

Jones says there is a strong demand for such a service, asASICfound that 80 per cent of Responsible Entities did not have adequate compliance and operational practices.

“We are open to providing whatever systems the client wants and providing these services on an on-going basis,” he says.

“We also see superannuation as another market for outsourced compliance and risk management services.”

Jones says sinceAPRAwas formed, many of the old ISC personnel who had developed expertise in the superannuation area have left, creating a void in areas such as compliance.

“The proposed licensing of trustees will offer opportunities, as there will be increased focus on compliance and risk,” he says.

Jones says his company has also developed a software package that handles compliance and risk management.