Australian Administration Services (AAS) has made redundant one of its client services roles, as the downturn starts to bite in the non-asset-based parts of the financial services industry.
Mike Turner, who has been with AAS for three years, initially as head of sales and marketing and more recently as client service manager, has left the firm following the abolition of his position.
Before AAS, Turner was head of sales and marketing at the competitor administrator Pillar, and before that spent about 10 years in the custody industry with NAB Custody and the former AMP Administration Services (now BNP Paribas).
Compared with funds managers and custodians, member administrators have until recently been seemingly ring-fenced from the industry downturn, given that most of their revenue comes form dollar-per-member fees.
Turner said he would take a break for a short while before considering what part of the industry he wanted to be involved with in future.