IPAC calls on BT for back office help
IPAC has announced plans to outsource the bulk its back office administration to BT Portfolio Services.
BT will handle the administration and back office transaction-based processing for IPAC's range of retail products which includes allocated pensions, superannuation and general investment products.
IPAC managing director Peeyush Gupta says IPAC has decided to keep all investor and advisers relations in-house, including its call centre. State Street will continue to provide IPAC's custodial services.
Gupta says the move is a direct result of the rapid growth of IPAC and a decision to outsource all activities the group considers "non core".
"To maintain our high levels of client services, we continuously review the quality of administration and customer support. Outsourcing will enable us to concentrate on our core business functions," he says.
Gupta says staff currently working in back office administration will help manage the transition and then will either continue working alongside BT administration or be deployed elsewhere in the group.
The announcement is the latest in a long line of outsourcing deals BT has sewn up over the past two years. Other financial services groups to at least partially outsource back office administration include Deutsche Funds Management and Tower Managed Funds.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
