Asgard to administer Advance funds

AdvanceAsset Management has appointed Asgard to deliver the administration of its funds management and superannuation products as a replacement for its existing registry system.

While Asgard previously provided Advance with its administration, Advance managing director, Kate Mulligan, said the new deal represented a technological step forward in terms of the tools provided to advisers.

She said the upgraded registry service would provide advisers with the administrative functions of the Asgard platform, plus unitisation technology tailor-made for Advance.

“Previously what we had was a stand-alone registry, so whilst we had the unitisation, we didn’t get any of the benefits of being on the platform,” she said.

With the new system, Mulligan explained clients would continue to see unitised funds and advisers would also have access to Asgard’s platform technology.

Mulligan said the project was put to tender and received several strong responses but Asgard, which like Advance is owned by the St George Bank, emerged as the winner because of its ability to provide both the unitisation and platform functionality.

The project is expected to take around one year to complete.

“It’s not a small project, and it should cut in over next May, but the project has commenced,” Mulligan said.