State Street Global Advisors (SSGA), the investment management arm of State Street Corporation (NYSE: STT), announced today that Findex Group, one of Australia’s largest financial services and accounting groups, has appointed SSGA to provide tactical asset allocation and advisory services for the group’s AU$15 billion funds under management following its recent acquisition of Crowe Horwath Australasia.
SSGA will also work with Findex Group’s internal investment team across all brands under the group’s banner.
“We are pleased to appoint SSGA to provide strategic asset allocation advice across all our brands, including Financial Index Wealth Accountants, Centric Wealth, Crowe Horwath Australasia, MOVO, CIVIC Financial Planning and Prescott Securities,” said Kieran Canavan, chief investment officer of Findex Group.
“The key relationship that Findex Group has developed with SSGA is designed to streamline our business structure and operating model, and follows a rigorous review of our research needs. This review of administration, investment and asset allocation research and consulting support was part of our overall investment and compliance framework and ties in with our recent acquisition of Crowe Horwath Australasia.”
Canavan said SSGA would provide insight across a wide range of investment strategies and multiple asset classes.
“Its multi-faceted approach to researching investment opportunities ultimately makes our investment and compliance framework much stronger and will deliver better investment outcomes for our clients.”
Peter Mitchell, managing director of business development for SSGA Australia, said SSGA is looking forward to working closely with Findex Group through SSGA’s Investment Solutions Group (ISG), which manages more than US$150 billion in asset allocation strategies globally.
“As one of the largest institutional asset managers in the world, we have significant global experience and resources in providing asset allocation solutions to a diverse client base, which we are excited to share with Kieran Canavan and his team,” he said.
“This experience, together with our extensive tactical asset allocation skills, will help tailor solutions to meet the needs of,and add value to, Findex Group’s clients.”
Canavan said Findex Group was constantly looking at ways to improve, including bringing certain services internally to the group such as managed discretionary account administration and research services.
“SSGA will help Findex Group determine the best mix of assets and investment styles to ensure they are cost effective and deliver reliable, consistent performance,” he added.