FSP switches administrator
Financial Services Partners Portfolio Services (FSP) has announced that Oasis Asset Management (Oasis) has replaced Avanteos as its administrator for superannuation and investor-directed portfolio services (IDPS) products. FSP also announced it has shifted its custodian responsibility to HSBC.
The decision to switch providers was made in May last year, however, Avanteos did not assumed the role until yesterday at the completion of a transition period of nine to 12 months, which involved the transfer of over 13,000 investors and 30 million transactions, according to FSP director, platform and product, Robert Swil.
The decision to switch providers was not a reflection on Avanteos, Swil said.
“It’s a matter of who suited us best for the future development of our products,” he said.
The benefits provided by Oasis include improved client reporting, better Internet access to investments, more options in managing investments online and a wider range of margin lenders.
“That benefit is supercharged by the fact that Oasis’s systems functionality also enables advisers to significantly increase their ability to manage their client portfolios as well as simultaneously increasing their own productivity,” Swil said.
This is the second time FSP has changed administrators. In 2004 MLC was replaced by Avanteos.
FSP would not comment on the length of the Oasis contract, but said it was for a number of years.
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