Platinum Asset Management awards back-office mandate to Apex Group

Platinum Asset Management has appointed Apex Group to handle its registry, administrative, and custody services, effective May 11, alongside some investment changes.

Under the new mandate, a new online web portal will be available, pending further details from Apex on instructions for registration, and functionality including other enhanced features. All transaction and account enquiries will also be directed to Apex's contact moving forward, it said.

"Platinum account numbers will be replaced with new Apex 'Investor Numbers' which will be an important, unique identifier for investors' accounts," the announcement read.

For investors, direct debit will no longer be available for regular investment plans, with payments to be made via BPay or electronic funds transfer.

Transactions will also no longer be made in New Zealand dollars and instead will be made in Australian dollars at conversion rates determined by relevant financial institutions.

Although there will be no changes to how the funds are managed, Platinum increased minimum initial investment from $5000 to $10,000 per fund/class.

Commenting, Apex Group country head for Australia Nick Bradford said there is an increasing demand from fund managers seeking to outsource registry and administration capabilities.

"As managers continue to focus on efficiency, investor experience and access to timely data, there is a growing appetite for solutions that are more integrated, digital and adaptable to changing business needs," Bradford said.

"Platinum's decision reflects a broader shift across the industry toward outsourcing models that allow fund managers to focus on investment performance and client outcomes, while leveraging specialist providers for operational, technology and administration capability.

"We're pleased to extend our services to Platinum as part of the broader L1 Group relationship and support them with Apex's registry, administration and custody capability."