Master trust providerStrategic Investmentswill change its name to Finium Financial Services as part of a relaunch designed to distance itself from other groups and emphasise a number of core changes in the business.
Finium chief executive Chris Lumby says the new name would move it away from other financial services groups who use the word ‘strategic’ in their name, some of which have been the subject of negative press.
“We want to avoid confusion with other groups, particularly those with negative press which has not helped us due to some brand confusion in the market,” Lumby says.
In April of this year theAustralian Prudential Regulation Authority(APRA) replaced the trustee of Strategic Capital Superannuation Services, a group which has no involvement with Finium or Strategic Investments.
However Lumby says the new name was also part of an overhaul the business has undergone in recent months which includes the appointment of Challenger Superannuation Services as superannuation administrator three weeks ago.
In July the group appointedWatson Wyattas asset consultant and in May appointed Mark Watmore, previously with Sagitta as senior product development manager, as head of product. Finium is also recruiting for a head of distribution but has yet to fill the role.
Lumby says the new name will be fully rolled out over four weeks with all products and documentation to reflect the new name, while the master trust’s 40,000 members and suppliers will receive notification of the change.
He also says the group is keen to promote itself as a ‘true master trust’ which he claims is about pulling together the best providers of services under one platform “and this can only happen when a platform is independent”.
“Corporate ownership does not always allow this and if a product’s rates become uncompetitive we can and have made changes to other suppliers, something which does not happen when a platform is owned and controlled by an institution,” Lumby says.
Under its old name Finium was set up in 1987 and is still independently owned with more than $500 million in assets under management.
