Link and Russell to offer joint administration/investment service
Link Group and Russell Investments have formed an alliance to offer a joint administration and investment service.
Link will take on all administration duties for Russell Investments stand alone administration super clients and its employer clients as well as absorb the companies administration systems and technologies.
Russell's 130 plus staff will join Link's 1800 plus strong team to oversee $100 billion in assets.
Link Group managing director John McMurtrie said its objective was to deepen its scale and member footprint in Australia's highly competitive administration industry.
"Having completed our almost $200 million investment program over two years ago we are in a strong position to support all of our clients through an uncertain regulatory environment," he said.
Link Group acquired Australian Administration Services (AAS) in 2006 and Future Plus administration services last December.
Russell chief executive Asia Pacific, Alan Schoenheimer said he believed long term success in the super industry hinged on strong investment capabilities and strong administration services which he expected super funds to begin decoupling.
"We believe there will be a trend towards super funds decoupling their administration and investment arrangements in order to access best of breed providers in the industry to ensure both the investment element and administration element remain highly competitive - all while controlling costs," he said.
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