Financial Synergy is looking at developing a number of compliance modules that can be sold separately to its superannuation administration system Acurity and will assist users with processes such as the new anti-money laundering (AML) requirements.
Robert Gould, managing director and chief executive officer, said the modules were being developing so that they could be integrated with any administration system being used by a fund or financial institution. “It’s a way of expanding our business but expanding it by making it easier for the super funds,” he said. The modules are still being built and should be completed over the next three months. Unlike some of its competitors, such as Bravura and Praemium, Gould said Financial Synergy was not planning on expanding globally for the next two years at least, as there were still “plenty of opportunities in Australia”. “Post 2000, a lot of people are getting to the point where they need to do something with their applications,” he said. While the group has ongoing discussions with international companies when approached, these are considered on a case-by-case basis. “We’ve had an inquiry from South Africa. We’ll look at it. We’ll talk to them …but it’s not an active strategy,” Gould said.
The $355 billion AustralianSuper has acquired a $1.4 billion European industrial and logistics portfolio, owned by OMERS real estate subsidiary Oxford Properties. The nation’s biggest fund is targeting a $7.5 billion valuation for the venture and $35 billion allocation in European and UK region before 2030, supported by its biggest international office in London with 121 employees.
Darcy SongJanuary 14, 2025
