Business booming as result of NZ Govt initiatives
Business booming as a result of New Zealand Government initiatives: KiwiSaver and PIE
Sydney, 1 August 2006 – Bravura Solutions Limited (ABN 15 111 148 826) (Bravura) - a leading global supplier of applications and professional services to the wealth management industry - today announced it has signed a partnership agreement with New Zealand-owned Synergy International Limited (Synergy) to sub-contract them for the provision of development services for the following nine months.
The New Zealand government have introduced two new initiatives: KiwiSaver, a government sponsored, work-based savings scheme, and a taxation reform previously referred to as Qualifying Collective Investment Vehicle (QCIV), now known as Portfolio Investment Entity (PIE). PIE is changing the way that individuals are taxed within managed funds. (See notes to editors for more information).
Mr Jason Tong, Head of Operations, Asia-Pacific for Bravura Solutions said, “These new initiatives have created unprecedented demand for software upgrades - this partnership has been formed to meet these new service demands.
“Synergy has an excellent reputation for delivery and will provide Bravura with the extra bandwidth required to scale up quickly and meet our customer needs. This demand for core product upgrades is a reflection of the focus and investment Bravura is making in the Talisman product and the New Zealand market."
Steven Graham, Auckland General Manager said, “Synergy has always had a strong presence in the financial industry and there was a natural fit with Bravura in creating this partnership for the KiwiSaver initiative. This engagement demonstrates our ability to build and integrate industrial strength transaction and payments."
Synergy has undertaken work for a number of organisations in the banking and financial services sector.
About Bravura Solutions Limited
Bravura Solutions Limited (Bravura) is a publicly listed and leading global supplier of professional consulting services and highly specialised administration and management applications to the superannuation and pension, investment, portfolio management and life insurance industries.
Bravura provides professional services and wealth management applications to more than 125 financial institutions including a range of blue chip corporate clients. More than ten million superannuation, life insurance and investment accounts are administered on Bravura software, with more than A$320 billion in funds under management.
Bravura has completed four acquisitions since it was established in 2004 as part of a management/leveraged buy-out that acquired the corporate and superannuation business unit of CSC Australia. The business acquired by Bravura had an extensive client portfolio and had operated for more than 20 years.
Bravura currently employs more than 260 people staffing 11 offices across Australia, New Zealand, UK, Hong Kong, South Africa and India (through a joint venture alliance).
Synergy International Limited design, build and operate industrial-strength business transaction and payment systems and services that connect the world to business and business to the world.
Their clients are medium and large organisations in the finance, telecommunications, energy, distribution and government sectors. They support clients in Australasia, East Asia, Europe and North America.
Synergy’s reputation is based on proven delivery, technical expertise and good relationships with their client’s business and IT people. Headquartered in New Zealand, their 200 plus IT professionals operate around the world from offices in Auckland, Wellington, London and Singapore
KiwiSaver is a government-sponsored, work-based savings scheme that is part of a package of Government initiatives designed to increase New Zealanders’ level of savings. It is a voluntary scheme designed to utilise the existing PAYE (pay as you earn) tax system.
Portfolio Investment Entity (PIE)
The Government has proposed significant changes to the way in which share investors who invest through an entity (as opposed to investing in the shares directly) are taxed. Under the proposed legislation, individuals who invest through a portfolio investment entity (PIE) will be taxed at either 19.5% or 33%, (never 39%) depending on their preceding year's income.
PIE replaces the term Qualifying Collective Investment Vehicle or QCIV which has been used to date.