Citistreet Australia, the super administrator co-owned by Citigroup and State Street, will break even for the first time this quarter.
Executive vice president of international operations, David Tolve, said revenues for calendar 2006 were forecast to be double those of 2003, and the amortisation of new client costs had washed through to the extent that Citistreet Australia would break even in the September quarter. Tolve revealed to I&T News a number of new appointments, including Katrina R-Miglietta in the new role of chief information officer. She previously spearheaded international business development for SunGard. Neil Sheppard has just come on board as head of client services, after a 16 year stint with Mellon and its legacy companies. Mike Henwood has replaced Andrew Byrne as chief operating officer, after 12 years at Westpac in Sydney. Administration managers for Sydney and Melbourne have also been hired. Tolve said Citistreet continued to spend 25 per cent of its pre-tax revenue on IT, with ongoing projects including the replacement of Essential’s EPass product with its own web products, and the replacement of Cognos with Business Objects for its business intelligance/member analytics platform.
The $34 billion Brighter Super is set to shift a significant proportion of equities assets in MySuper from passive to active management. Chief investment officer Mark Rider says the move is possible because of the scale created by mergers, and the fund will be looking to its newly appointed active managers to generate performance through the cycle by taking idiosyncratic risks.
Darcy SongJanuary 21, 2025
