Self-administered superannuation fund, LUCRF Super, has selected its new IT solution five months after announcing it was looking to replace the incumbent provider, AAS’s Atune platform.
LUCRF chief executive, Greg Sword, said relative newcomer Bluedoor Technologies had secured the contract to provide a comprehensive IT system to the $2.4 billion fund over other administrative systems because it best suited the “flexibility” LUCRF was looking for, and had a similar “culture” to the super fund. Sword said the migration of the fund’s 175,000 members from Atune to Bluedoor’s Wealth.net platform has been given 12 months. LUCRF is the first major industry fund to sign with Wealth.net since Bluedoor launched its flagship software platform. “LUCRF will utilise the administration record keeping, client communications, ICR, workflow and web portal functionality that Wealth.net offers,” Bluedoor executive director sales and consulting, Karen De Angelis said. Bluedoor has had a mixed beginning since it launched in March 2006. A major client, funds management platform provdier Skandia, in February discontinued a project under which Bluedoor was to replace its registry, imaging, workflow, reporting, planner desktop interface and call centre management. However, it successfully launched AXA’s new North product as backoffice provider last December. Atune was also a software platform start-up when LUCRF invested in its development with three other investors – including two super funds UniSuper and Seafarers Retirement Fund – in 2000. LUCRF was the only one to ever go live with Atune in 2004, after the other two funds sold out in 2003. Sword said the fund has since decided AAS’s redevelopment of Atune into AASpire did not suit the direction LUCRF was going in.
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
