Mine Wealth + Wellbeing partners admin newcomer
Thursday, 17 December 2015 12:40pm

Mine Wealth + Wellbeing is changing its administration systems provider to Recreo Financial, a small fintech company with its early experience in the SMSF market.

The deal sees the$9.5 billion mining industry super fund taking a minority stake in Recreo.

The move coincides with a trend for superannuation funds to offer SMSF-like choice over where their capital is applied via member direct investment options.

Recreo managing director and co-founder Matthew Crooks said the fund, formerly known as AUSCOAL Super, was looking for a system which would last at least a decade and a provider which would help the system evolve with the changing world of super.

"We come from a background of offering multiple products and we pride ourselves on offering innovative solutions, from the flexibility to offer maximum choice for SMSFs to the sophistication for a big fund like 'Mine' to have greater efficiencies and further reduce operating expenses," Crooks said.

Most big super funds outsource their member administration to one of a handful of specialist administration companies, but Mine Wealth + Wellbeing has always self-administered, according to the fund's chief executive, Bruce Watson.

"By self-administering we are able to hear in real time what's going on with the members and meet their expectations. We want them to have the best experiences possible," Watson said.

"We look at all the competitive offerings available and we believe we are providing high quality admin and customer experience for the most competitive price."

With Recreo, the fund is able to include all of a member's investment assets under the umbrella of the accounting system - not just the assets inside the super fund. This includes transactional banking and credit union accounts, pension and long-service leave accounting and tax, and non-super investments.

Watson said: "The extra automation is a massive benefit to our business."

Recreo was founded by Crooks and fellow director David Johnston, who worked together at Oasis Asset Management before it was sold to ING Australia in 2005.

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