Colonial First State selects FNZ to deliver its platform transformation
PR94376
SYDNEY, Feb. 3, 2022 /PRNewswire=KYODO JBN/ --
- CFS strengthens commitment to significantly increase competition in
Australia's wrap platform market through strategic partnership with one of the
world's leading wealth management platform providers.
Colonial First State (CFS) today announces a major revamp of its wrap business,
with a new wrap platform expected to open to new business in late 2022. CFS has
appointed FNZ as the platform provider to replace its current solution under
its unique platform-as-a-service model. As part of the new partnership, CFS and
FNZ will use their combined strengths to significantly grow CFS's business in
the Australian wrap platform sector.
The launch of the new wrap platform marks the next stage of the $430 million
investment CFS is making across the business over the next four years. The
replacement of technology underpinning the current wrap platform will increase
CFS's competitiveness and is expected to drive significant growth in coming
years.
The agreement with FNZ will see CFS launch the new wrap platform combining
FNZ's state-of-the-art technology and a range of business services to create a
market leading proposition for financial advisers using CFS's wrap platform and
underpinned by a scalable operating model. The transformation will deliver a
significantly improved experience for advisers and their clients, providing the
foundation for CFS's future growth plans to be one of the best players in the
platform market.
FNZ is a global wealth platform that provides many of the world's leading
financial institutions with a unique integrated end-to-end software, technology
infrastructure, and investment operations platform in 18 countries across Asia
Pacific, Europe and North America. Trusted by more than 150 major financial
institutions, FNZ has over $A2.1 trillion in assets under administration, which
represents the combined savings and investments of over 20 million customers.
In Australia, FNZ has grown rapidly in recent years with over $A70 billion in
assets on its wealth platform service.
The new wrap platform will offer market leading features in the areas of
investment selection and managed account management, adviser services, advice
tech integration and data management. More details will be announced closer to
the platform's launch.
CFS and FNZ are already working directly with a group of advisers to design the
new platform to make it easier for advisers to deliver their guidance to
clients.
Strategic partnership arrangements for new CFS wrap platform offer post launch
CFS and FNZ have also agreed a strategic partnership arrangement to distribute
the wrap platform to new clients of CFS. This will include CFS actively
pursuing M&A and client acquisition opportunities, by leveraging its scale,
brand, depth of adviser relationships and technical expertise, supported by
FNZ's wealth management platform.
Kelly Power, Chief Executive Officer of Colonial First State Super said:
"Colonial First State is excited to be building this market leading wrap
platform, built on FNZ's global wealth management platform with the backing of
our shareholders KKR and CBA.
"While we already have a strong position in the master trust platform segment,
this will greatly strengthen our competitiveness in the wrap platform sector,
deliver substantial benefits for our members and their advisers, and allow us
to become one of the major players.
"The partnership with FNZ will also allow us to pursue future growth
opportunities in the Australian market with a new platform that provides
greater choice of products and providers, competitive pricing to deliver a
significantly improved service experience for advisers and their clients. A key
focus for us will be to work with advisers on the new design to seamlessly
integrate the platform into other systems that advisers use every day in their
practices."
Tim Neville, Chief Executive Officer, FNZ Asia Pacific said: "We are delighted
to be partnering with Colonial First State to provide an unrivalled growth
platform to accelerate its digital transformation and improve the adviser and
client experience.
"FNZ is a leader in the global wealth management platform sector and is well
established in Australia. Together with CFS, we look forward to delivering a
market leading proposition, which will help to accelerate growth, drive
innovation and enable personalised advice and wealth management solutions for
advisers and their clients across Australia."
Media enquiries:
Lisa Macnamara, Senior Manager External Communications, CFS
lisa.macnamara1@cfs.com.au
Alasdair Munro, Head of Marketing & Communications, FNZ
Alasdair.munro@fnz.com
About Colonial First State
Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited
ABN 64 644 660 882 and its subsidiaries which include Colonial First State
Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) and Avanteos
Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL). CFS is majority
owned by an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR), with the
Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (CBA) holding a
significant minority interest.
About FNZ
FNZ is a global wealth management platform empowering the world's leading
financial institutions with a unique integrated end-to-end software, technology
infrastructure and investment operations platform in 18 countries across North
America, Europe and Asia-Pacific.
By unifying a fragmented value chain, digitising distribution and
mass-personalising wealth management, FNZ has transformed the way the wealth
industry serves its clients, creating better outcomes for all stakeholders, be
they superannuation providers, wealth managers, asset managers, financial
services providers or the end-customer.
Trusted by more than 150 major financial institutions, FNZ has over $A2.1
trillion in assets under administration, which represents the combined savings
and investments of over 20 million customers.
FNZ (Australia) Pty Ltd is a corporate authorised representative (CAR number
001274269) of FNZ Custodians (Australia) Pty Ltd (ABN 88 624 689 694, AFSL
507452).
Sources: CSF and FNZ
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