Watson Wyatt ends CitiStreet relationship
WatsonWyatt and CitiStreet have gone their separate ways announcing this week that they had “mutually decided” not to continue with a contract in place since 2004 that saw CitiStreet providing Watson Wyatt with administration services for its corporate stand-alone superannuation clients.
Watson Wyatt will now work with IBM for the provision of the administration services.
In a joint statement issued late yesterday, Watson Wyatt and CitiStreet said that after a strategic review by senior management, CitiStreet had decided to sharpen its focus towards providing superannuation administration and related services to industry funds and corporate and retail master trusts.
Watson Wyatt said it had entered into a long-term Business Transformation Outsourcing agreement with IBM under which IBM subsidiary, IBM SuperLife, would assume operation of the administration of Watson Wyatt’s corporate superannuation client back-office functions in Australia.
The arrangement will see a number of CitiStreet employees currently dedicated to the Watson Wyatt account transition to IBM SuperLife.
AUTHOR
Mike Taylor
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