Ross Kelly
Sealcorp’s Assirt software brand is to be phased out as it becomes integrated into its practice management and transaction reporting software service, adviserNET.
Sealcorp chief executive Geoff Lloyd made the announcement while detailing the St George Bank-owned fund administrator’s strategy for the next three years.
Assirt Research, formerly owned by St George, was sold to Standard and Poor’s in February this year, although the software business stayed within the St George group.
He said the change to Assirt, which is currently the second most used planning software program behind IWL’s VisiPlan, fit into Sealcorp’s strategy of focusing on adviser solutions rather than product, which he added will involve providing advisers with “an integrated, seamless front-end”.
As part of the strategy, Lloyd said Sealcorp was also planning to make mortgage related transactions available on its Asgard platform. Direct share trading services will also be enhanced at the expense of individually managed investments, which Lloyd said had not become the “panacea that many had expected”.
Lloyd also announced that Sealcorp had won a tender allowing Asgard to pick up all of the retail money that Advance Asset Management currently manages.
The deal, which was won last May, is set to boost Asgard’s funds under management by close to $5 billion.
