Spiers joins Ausmaq’s push to finish line
Theformer head of theAustralian Stock Exchange(ASX) Fund Connect project, Mark Spiers, has joined its rivalAusmaqas a consultant in what the group says is a bid “to push it the last 10 yards towards completion”.
Spiers had been with the ASX since March 2002 after leaving ING, where he headed up the group’s financial planning businesses, and will be working in an advisory role on the marketing and business development of Ausmaq’s MainHub project.
The project aims to create a managed funds hub at the back office level and Ausmaq chief executive Richard Burrows says the project is close to reaching critical mass.
According to Burrows, 29 fund managers are already using the group’s MainLink service, which provides communication between managers, while another three to four groups are due to sign up, creating the necessary base to move to the full hub model.
“Once we have reached the mid to low 30s we will have sufficient numbers for the system to work and be viable, and we will start pushing its application into the platform and funds management side of the market,” Burrows says.
“We already have memorandums of understanding with a number of groups which will be part of the project rollout.”
Spiers’ role will include ensuring the project continues to meet the MFundsEC standards agreed upon by fund managers and industry groups.
Both Burrows and Spiers say the MFundsEC project has taken some time to reach the market and have questioned the direction of the project if managers fail to take up the projects on offer.
“There must be full agreement on any hub project otherwise there will be no cost savings. The managers have said they want a solution but have made it difficult because there are limited resources and time to get this type of project underway,” Burrows says.
Ausmaq will also consider the creation of a MainHub Advisory Board made up of senior funds management figures and hub users who will provide input for use and further development standards of the hub system.
AUTHOR
Jason Spits
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
