Tower Trust (formerly Trustees Executors) already provides administration services to clients, through its existing portfolio services.
"The strategic alliance which will result in the creation of Tower Trust Fund Services (TTFS), the country’s leading supplier of outsourced back-office services, " TTFS general manager Mark Paterson says.
"Back-office services are an essential resource for all financial institutions because they provide the ‘engine-room’ administrative capacity. However, all too often the service is treated as a poor relation of the ‘front-office’ operation, which tends to be the primary focus in a competitive market place. In these circumstances, outsourcing the administrative side of the operation can be a sensible option," Paterson says.
He says the alliance will reinforce TTFS's position in third-party administration and it will present growth opportunities.
DST International’s managing director Ian Mathieson says the company has been looking for a New Zealand partner for some time.
"This alliance will give New Zealand investors access to levels of service that equal or exceed those available anywhere else and will give fund managers the level of cost effective administration and decision support they need to compete," he says.
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