The biggest systems replacement in Australian member admin history has reached a new stage, with Superpartners set to proceed with two providers to help replace its ageing R2 platform.
Superpartners, which administers roughly six million member accounts on behalf of industry funds including AustralianSuper, HESTA, HostPlus and Cbus, is almost certain to install Synchronised Software’s CapitalX platform and use India’s Tata Corporation to assist with the integration and implementation process (for example, ensuring the new software can work with existing web portals). According to industry sources, the above scenario is dependent on some final contract negotiations, but it is understood the tender process, which was assisted by CapGemini, no longer involves any other providers. Superpartners’ legacy system, R2, needs to be replaced for various reasons, including its inability to facilitate unit pricing, and its coding being such that the attachment of features such as imaging is difficult. Superpartners chief executive Greg Camm is on leave, and the firm declined to comment on the system replacement process.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
