Executive director Marin Spedding told InvestorDaily DST Bluedoor is taking advantage of a global need for technology providers through its own expansion into the European market.
“[Our expansion] has been a fantastic development for the business but I think, importantly, it actually demonstrates the type of opportunities that exist for service providers in the Australian market,” Mr Spedding said.
“The overseas platform market is probably around 10 years behind where the Australian market is…the Australian market is seen as a leader and tech firms are seen as leaders in their field.
“I think the fact that we’ve been able to successfully establish the technology now in key markets demonstrates the opportunity for firms like ours around the world.”
DST Bluedoor will now deliver technology support to European wealth management businesses through a partnership with International Financial Data Services.
Mr Spedding said the customisation of the service for the European market is near completion and that the firm is now starting work on implementing its first institutional client.
“We’ve pretty well completed that process of customising the system obviously for tax legislation and those types of product and for the product structures they have in that market,” he said.
“We’re now really just working on the implementation of our first major institutional customer on the platform, which is tremendous, and they’ll go live in the first quarter of next year.”
Mr Spedding said DST Bluedoor will continue to look for expansion opportunities abroad including in the United States and South America.
