Tower extends outsourcing agenda
Tower Australia Limited has continued down the outsourcing track, appointing State Street Corporation to provide unit registry services, unit pricing and custodial functions for Tower’s $2.6 billion Australian multi-manager product range.
The announcement of the Tower appointment follows Tower’s announcement last month that it had appointed Russell Investment Group as investment manager for the multi-management funds.
Commenting on the State Street appointment, Tower head of investments Sue Mieog said it represented a continuation of the company’s strategy of improving the value of its offering to investors while delivering internal efficiencies.
Under the new outsourcing arrangement, State Street will provide a range of administration services for Tower’s various multi-manager funds and insurance products, including accounting, unit pricing, wholesale unit registry, performance reporting, taxation services and custody.
Mieog said the State Street appointment had followed an extensive and detailed tender process.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
