Smith Coffey has selected Bravura Solutions Limited’s software application to service its self-managed super fund (SMSF) clients, as the sector continues its boom.
The financial services provider will use Bravura Garradin technology to provide a greater range of products as the presence of SMSFs and Individually Managed Accounts (IMAs) grows within the superannuation industry.
“We believe segregated accounting is essential to allow members’ choice of investments specific to their individual risk profile,” Smith Coffey chief executive Mike Glossop said.
“We chose Bravura’s application to provide us with a functionally-rich solution capable of administering a broad range of assets.”
The Bravura application provides access to attribution reporting and tax reporting and is underpinned by general ledger, fees engine and reporting tools.
With the SMSF sector experiencing sustained growth, Bravura has said there is an increasing need for more efficient investment tools to service a growing client base.
“Negating the need for distinct software packages to administer IMAs and SMSFs, the solution provides our clients with both cost and operational efficiency,” Bravura’s head of portfolio solutions, Darren Speirs, said.
“This solution leverages off our existing Garradin application, and will enable Smith Coffey to administer a broad range of products on a single application.”
Bravura extended the application in November to include an Australian government bond trading functionality for retail investors.
On 1 November 2012, the federal government passed legislation to allow Commonwealth government securities (CGSs) to be traded on the retail market, rather than solely by institutional investors, which was previously the case.
“It’s important that investors have this choice of investment options, and therefore you need an asset administration system to support them,” Bravura’s Speirs told InvestorDaily at the time.
“No matter what asset type an SMSF or retail investor chooses to go into, we can actually handle them.”
