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FuturePlus posts record profit
Superannuation administrator FuturePlus has posted a $5.1 million profit for the 2012 financial year, after a business restructure left a $1.6 million loss in 2010-11.
The company signalled it would transition from an in-house service provider to commercial third party administrator in May last year.
FuturePlus' Madeline Dermatossian said the record profits hinged on changes that were made at senior management level, restructuring the business to better align it with business units and introducing measures to track progress.
"We achieved this record profit year through the reinvigoration of FuturePlus' executive team and senior management, consolidation and stabilisation of our core operating systems, as well as an overhaul of business efficiency," she said.
Last November, the auditor-general named FuturePlus in its annual report and cited the regulator's concerns with the fund's significant changes in resources and the commercial viability of the business, as it was trading at a loss.
Dermatossian said that the profit had come despite a change to its fee structure from a fund-based fee model to a transaction fee-based model, which had reduced fee revenues.
She said FuturePlus would continue to upgrade its technology capabilities over the next six months to increase efficiencies and scalability. It has already transitioned to a single platform via Bravura.
The fund will launch a business intelligence solution to allow clients to better view member data by the end of this quarter, while a self-managed super fund service will be rolled out within the year.
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