DST Global Solutions is in talks to upgrade a number of major platforms and wraps as providers seek to reduce administration costs and allow financial planners access to features such as straight through processing (STP).
"We have identified working with platforms in the wealth management space as a key growth area for us in 2010," DST Global Solutions Australia and New Zealand chief executive Ian Mathieson said.
"We're in active dialogues to use our Bluedoor platform to upgrade the platforms and wraps of several large players in the marketplace."
The Bluedoor platform is a browser-based registry administration system. It helps financial services and wealth management clients to manage superannuation, managed funds and pension products from one application. It's the engine of AXA Asia-Pacific Holdings (APH) North platform.
DST Global Solutions gained the Bluedoor platform via its acquisition of Melbourne-based firm Bluedoor Technologies in late 2008.
Mathieson's comments came after AXA APH publicly acknowledged that it would be migrating existing offerings Summit, Generations and iAccess to the Bluedoor platform by 2012 as an extension of the original contract it had signed with the investment administration house.
The move would allow advisers to have better web-based access and fully electronic transactions that are genuinely straight through, AXA Australia & New Zealand chief executive Warren Lee said earlier this week.
AXA estimates that the marginal cost of administering products, which includes day-to-day administration and development, will reduce by around 40 per cent in 2013 following the transition to Bluedoor, he said.
Mathieson said many platforms in the industry that have been around for many years and are seeking a total refreshment in order to cut costs and boost advisers' experience.
"From an adviser perspective one of the most popular features of the Bluedoor platform is its full internet interface that provides them with STP and all the things they need to do to gain information on their clients and products so they can better serve their direct investors," Mathieson said.
"Traditionally, DST Global Solutions' offerings have served product manufacturers and when we acquired Bluedoor it was our specific aim to try and create the same sort of success in that part of the marketplace into the platform space."
