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Russell takes control of super administration
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| Chris Corneil
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A new superannuation administration model from Russell Investments is one step closer, with the company announcing the appointment of 70 super fund specialists and an external back-office provider.
In May this year Russell announced that it would be transforming its Australian Member Administration Centre, which was partly outsourced to IBM, bringing many central roles in-house. According to Russell, a leading offshore service provider for back-office transactional functions would support the centre.
Russell’s managing director for Australia and New Zealand, Chris Corneil, said the new model would enhance member services and improve efficiencies in super administration through streamlining platforms and leveraging back office functions through Russell’s existing global offshore capability.
“Our new model will introduce intra-fund advice as a key component of Russell’s member engagement strategy,” he said.
Russell is appointing staff and integrating new technology to deliver intra-fund advice through its new advice centre.
Russell will also partner with other specialist providers to handle high volume transactional operations like inbound mail through document imaging and outbound mail with the aim of moving toward a paperless office, the firm announced.
“Russell will have direct control and ownership over all member contact points,” Corneil said.
More than 70 staff from IBM SuperLife have signed employment contracts with Russell Investments and will join the team on 1 January, 2011 when the new model is launched, joining the 25 existing team members in Russell’s superannuation business, the firm announced.
Acquiring the new administration professionals was a high priority, and Russell is in the process of making other strategic hires to complement its service delivery model, Corneil said.
AUTHOR
Mike Taylor
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