FSP Portfolio Services has announced today that Oasis Asset Management Limited will replace Avanteos as the administrator for their superannuation and IDPS products. Simultaneously, HSBC will assume the custodian responsibility from Avanteos. This is the second time FSP Portfolio Services has changed administrators.
FSP Portfolio Services moves to Oasis Asset Management Limited
FSP Portfolio Services has announced today that Oasis Asset Management Limited will replace Avanteos as the administrator for their superannuation and IDPS products. Simultaneously, HSBC will assume the custodian responsibility from Avanteos. This is the second time FSP Portfolio Services has changed administrators.
The move to Oasis will occur by April 2009. Until then, FSP Portfolio Services will continue to work with the continued support of Avanteos. In making the announcement, FSP Portfolio Services wishes to stress that this decision is not a reflection on the strength, and commitment to service of Avanteos’ management and staff with whom we continue to have a good relationship.
The decision to move to Oasis was a considered one. The Operator and Trustee undertook a due diligence process looking not only at Oasis but other providers in the market place too. The Trustee and Operator also spoke with participants in the industry to assess their experiences with different providers. Furthermore, given the FSP Group ‘by adviser for adviser’ philosophy, the Adviser Platform Committee was involved with assessing and testing provider and ultimately came to the same decision as the Trustee and Operator.
The Trustee and Operator have responsibility to act in the best interests of investors. They also have the ability to determine for example the investment menu, the retail pricing and the outsource providers such as the administrator and custodian. The Trustee and Operator determined it would be in the best interests of members to transition the administration of the FSP Super Fund and FSP Prestige Plus to Oasis Asset Management Limited.
‘The decision to change administrators in the main reflects an assessment of the best option for the future strategic development of our platform products for members and investors. The Operator and Trustee undertook a significant due diligence process, looking not only at Oasis but at other options that were available too’, said Robert Swil, Director, Platform and Products, FSP Group.
As a result of improved technical functionality, it is expected that advisers will be able to provide members and investors with improved service experiences.
A part of the process involved user testing within Financial Services Partners’ Adviser firms and the results were positive. 'Oasis brings to the table a function-rich front-end system that will significantly improve the productivity of most advisers', said Financial Services Partners Chief Executive, Geoff Rimmer.
Although the administrator and custodian will be changing, some things will be remaining the same:
* The FSP Portfolio Services product range will remain the same
* The Trustee of the FSP Super Fund will remain the same
* The Operator of FSP Prestige Plus will remain the same
* The involvement of the Platform Committee remains in line with the FSP Group’s ‘by adviser for adviser’ philosophy.
