Wealthtrac has almost doubled in size after being selected as the successor fund platform for Credit Suisse Super and Pension Plan, a move which will grow its funds under management from $380 million to around $680 million.
Expected to take effect from November 30, the successor fund transfer relates to all four products under the Credit Suisse Super and Pension Plan: the Asset Management Super MasterWrap, Pension MasterWrap, Super & Rollovers, and Allocated Pensions. Wealthtrac will also accept the transfer of assets from non-super MasterWrap clients.
Keith Ince, head of asset management Australia for Credit Suisse, said the equivalency test used before selecting Wealthtrac from a short-list of around 10 providers was particularly rigorous, given the strict standards imposed by the regulators.
The main benchmarks applied by Credit Suisse related to fees, insurance and available investment options.
Wealthtrac, which provides platforms to a client base of small to medium-sized securities dealers, was viewed favourable because of its use of the fund manager Dimensional, which is already accessed by a number of Credit Suisse investors. Credit Suisse’s pre-existing relationship with Oasis Asset Management, which administers the Wealthtrac platform, was also a factor affecting the outcome. ING Australia recently became a majority shareholder in Oasis.
Wealthtrac head of distribution Matthew Johnston said that this latest addition would form part of an ongoing push to acquire additional funds for its platform.
