Super fund picks up admin technology stake
Coal industry superannuation fund, Mine Wealth and Wellbeing has picked up a stake in relative super administration newcomer, Recreo Technologies, and appointed the company as its administration systems provider.
Mine Wealth and Wellbeing was formerly known as Auscoal and is self-administered.
Announcing the move this week, the superannuation fund said it had taken an 18 per cent stake in Recreo to cement the partnership. Use of Recreo displaces DST Bluedoor.
The arrangement represents a significant breakthrough for Recreo which boasts a number of key backers including former SuperPartners and Lonsec Fiscal executive, Jason Clarke and which earlier this year employed former Auscoal executive, Col McGuinness.
Commenting on the arrangement, Recreo managing director and co-founder, Matthew Crooks said the super fund was looking for a system which would last a decade and a provider which would help the system evolve with the changing world of super.
"We come from a background of offering multiple products and we pride ourselves on offering innovative solutions, from the flexibility to offer maximum choice for SMSFs to the sophistication for a big fund like ‘Mine' to have greater efficiencies and further reduce compliance errors and costs," he said.
Mine Wealth + Wellbeing chief executive, Bruce Watson, acknowledged that most big super funds outsourced member administration and that his fund had always self-administered.
"By self-administering we are able to hear in real time what's going on with the members and meet their expectations. We want them to have the best experiences possible. It's more than just offering them a service. It's very hard to outsource an experience," he said.
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