Link Market Services, the owner of Australian Administration Services, has commissioned a valuation of competitor member administrator Pillar Administration.
It is understood Link has engaged consultancy Bain & Company to assess Pillar’s value, potentially in advance of a pre-emptive offer to Pillar’s owner, the NSW Government. The valuation process appears to be relying on published accounts, because a source at Pillar said no consultants had visited its offices. A spokesman for NSW Treasurer, Michael Costa, said last week the Government had “;no plans”; to sell Pillar. The chief executive of Pillar’s largest client State Super, Don McLean, said he had received no indication of any kind that the administrator might be sold. He noted that rumours Pillar might be sold had surfaced before, typically just after State elections. Link managing director John McMurtrie was unavailable for comment at presstime. Last Thursday, Pillar formally took over from AAS as the administrator for the Axa-owned National Preservation Trust, an eligible rollover fund with 515,000 accounts.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
