Supported by Lonsec technology, the platform is a “fully integrated virtual marketplace” where members can buy and sell financial products efficiently and at low cost, the fund stated.
Catholic Super chief executive Frank Pegan said the Lonsec solution was a unique product that offered members control over their direct investments.
Mr Pegan told InvestorDaily the move to this platform was mostly driven by the fund’s desire to give its members more choice across the sector.
“We came to the conclusion after speaking to members that some of our members have high balances over some portion of their investments, some people will see that as going after the [self-managed super fund] sector, but for us it’s more about increasing the services for our members to exercise the right choice,” said Mr Pegan.
Jason Clarke, managing director of Lonsec parent entity Lonsec Fiscal, said Lonsec welcomed Catholic Super’s choice to extend beyond the initial product offer in order to construct a “superior long-term product capability through Lonsec to meet the future investment and product demands of their members”.
Mr Pegan said Catholic Super selected the Lonsec product because “it’s scalable, it can be modularised and individualised to people’s needs”.
He said the platform would also allow them to offer additional product services to members, such as home loan services.
Users will be able to access the platform via tablets and mobile phones and will also benefit from a full member messaging suite and real-time document storage.
