FSP Portfolio Services has dropped Avanteos as the administrator for its superannuation and wrap products in favour of Oasis Asset Management.
ING-owned FSP Portfolio Services last week announced it had decided against renewing its contract with Commonwealth Bank of Australia-owned administrator Avanteos following a strategic review.
“The key issue that drives us there is really the strategic path in the product development,” FSP Group platform and products director Robert Swil told InvestorDaily.
“Our advisers have a certain client base and we want to provide them with what they want, so that’s what really drove it.”
Swil was quick to point out the decision to sign with the ING-owned Oasis was made by an independent trustee board and without the guidance of either ING or FSP.
“They [the board] were insistent that any decision had to be in the best interest of members. It had to be an arms-length deal, not a sweetheart deal,” he said.
FSP also said it had chosen Oasis because of the level of functionality the group required.
“There is certain functionality that we wanted for our group and Avanteos has it on the schedule but they are not moving at the right speed that we’re interested in,” Swil said.
“Everyone has their own strategies as to where they want to be in the marketplace and we think that Oasis is the best for us there.
“But having said that, I would like to stress that it’s not a reflection on the commitment to the service of Avanteos at all. We’ve had an exceptional relationship with them for four years. It’s just businesses take decisions from their own strategy.”
FSP will begin its seven-and-a-half year contract with Oasis in April 2009.
HSBC will assume the custodian responsibility from Avanteos. In 2001, FSP Portfolio Services changed administrators from MasterKey Custom (formerly Flexiplan) to Avanteos.
