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Preparation key to smooth administrative transition
Outsourcing administration arrangements should not be a complex process for superannuation funds if good preparation is carried out, according to Russell Investments.
Siva Sivakumaran, director of administration and consulting services at Russell, said he encounters a lot of trepidation from funds which are concerned about updating their administration systems.
With proper planning and preparation "even the largest of transitions run seamlessly", he said.
Sivakumaran's comments follow Prime Super's transition to Russell's administration platform which was completed on 3 January this year.
Commenting on the transition, Prime Super chief executive officer Lachlan Bird said maintaining services to clients throughout the process was an important objective.
Some of the administrative enhancements to Prime Super included an updated client relationship management system and an online portal for business development managers to access data remotely.
Russell chief executive officer Australasia Chris Corneil said building upon the member administration business would continue as it represented a central component of Russell's multi-asset offering in Australia.
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