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Colonial outsources backoffice

Jacques Martin to do all CIM's back office functions.ut

Wednesday, November 5th 1997, 12:00AM

by Philip Macalister

Colonial Investment Management (CIM) has decided to outsource all its back office functions to fellow Colonial subsidiary Jacques Martin New Zealand(JM).
"We are the first New Zealand fund manager to outsource back office functions," CIM chief executive Bruce Abraham says.
The move allows CIM to concentrate on its core skills - that is funds management.
Abraham says the move isn't solely due to cost saving, rather CIM made a strategic decision to stick to the things it was good at.

"We have no competitive advantage in administration," he says.
JM on the other hand is a specialist administration firm and is building up a significant client base which includes businesses such as Spicers Financial Services' master trust.
Abraham says as a professional administrator JM can better keep up with changing practices within that industry, and by building up its client base it will be able to run the services at a lower cost.
"This gives them the scope to promote their administration expertise to other fund managers."
JM will be responsible for the entire accounting, registry, unit pricing and transactional parts of the business for Colonial and Joseph Banks branded products.
Its relationship will be with CIM not CIM's investors. CIM will continue to do the marketing, investor relations, and funds management and product development roles.
All CIM's eight back office staff will shift to JM, and the move will become effective from December 1.
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AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
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China Construction Bank Special - - - -
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Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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Heartland Bank - Reverse Mortgage - - - -
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ICBC 7.85 7.05 6.85 6.59
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Kiwibank 8.50 8.35 7.89 7.65
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Resimac - Specialist Clear (Alt Doc) - - 8.99 -
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