Jacques Martin’s funds under administration
1 June 2005
New business doubles Jacques Martin’s funds under administration
Jacques Martin has taken on the administration business of ASB Group Investments (ASBGI), doubling the business processing specialist’s funds under administration to $10 billion. Jacques Martin is an independently managed company within the ASB Group.
“Bringing on ASBGI as a client is great for our business,” says Jacques Martin Chief Executive Mark Patton. “We see it as a turning point in New Zealand of financial services companies embracing outsourcing as a way forward.”
Mr Patton says this move is in tune with the international trend towards businesses contracting out non-core functions.
“It really demonstrates the outsourcing market is exploding here as it is overseas,” he says.
Acquiring this new business means Jacques Martin now provides administration services in some form to all the major banks in New Zealand as well as many of the country’s other leading financial services companies. This reinforces Jacques Martin’s position as the leading business process-outsourcing provider in the financial services sector.
“It will create scale efficiencies for current and future clients. It will also help broaden our service offering enhancing significantly our capabilities in the areas of unit pricing and fund accounting,” says Mr Patton.
Jacques Martin will take on ASBGI’s Auckland administration and fund accounting teams, giving the Wellington-based company a significant Auckland presence.
“We will work in partnership with ASBGI’s managed funds business, as we do with other clients, to help them manage their costs more effectively and deliver great customer service.”
Jacques Martin has been operating in New Zealand since 1985 and became part of the ASB Group following the merger of Colonial with the Commonwealth Bank of Australia in 2000. Across the full range of its clients’ financial products, Jacques Martin now provides administration services to more than 420,000 New Zealanders.