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Australia’s first industry super fund goes live with DST Global Solutions’ Bluedoor software platform

DST Global Solutions today confirmed Australia’s first industry super fund, LUCRF Super, has gone live with its Bluedoor wealth management software
  • 25 May, 2009 16:17

<p>DST Global Solutions today confirmed Australia’s first industry super fund, LUCRF Super, has gone live with its Bluedoor wealth management software, an integrated and automated administration platform.</p>
<p>LUCRF Super provides employer-sponsored superannuation, personal superannuation savings and pension products for over 180,000 members and 15,000 employers. The Fund retired its existing software solution to introduce a new core registry system built on workflow management and exception-based administration principles.</p>
<p>Greg Sword, CEO of LUCRF Super, said, “The conversion from our existing system to DST Global Solutions’ Bluedoor platform successfully delivered the implementation of the system and migration of all data on time. We are already experiencing a range of significant business improvements and we have been able to automate many administration processes.”</p>
<p>“We believe our selection of a browser-based web solution is the perfect match for the operational environment we now face and it allows us to utilise a true end-to-end platform.”</p>
<p>The new system went live at LUCRF on 15 April, five days before the scheduled go-live date.</p>
<p>Ian Mathieson, CEO for DST Global Solutions Australia and New Zealand said, “This is a significant win here in Australia. It has again highlighted our ability to implement a complete platform in very tight timeframes and to create strong relationships with our clients in the process.”</p>
<p>“We successfully met our objectives of migrating over 350,000 member records with full transaction history. Additionally we implemented new automated contribution and payroll processing, some of the many features that our software offers. We are delighted that LUCRF Super chose us and are proud to facilitate their technology innovations,” he said.</p>
<p>The DST Global Solutions’ Bluedoor platform is a comprehensive, next-generation architecture designed to replace the many systems typically running within most organisations in the wealth management industry today. As a browser-based registry administration system, it helps financial services and wealth management clients to manage superannuation, managed funds and pension products from one application.</p>
<p>DST Global Solutions’ integrated solution facilitates the retirement of legacy platforms and the significant reduction of information technology and operational costs, with the objective of improving quality and customer service. The system caters for online straight through processing and exception-based administration that replaces or removes entire business processes and allows for rapid new and innovative product release, such as capital protected and guarantee products.</p>
<p>The Bluedoor platform is the flagship solution from Bluedoor Technologies, which was acquired by DST Global Solutions parent company, DST Systems, Inc., in November 2008. Today the business operates as part of DST Global Solutions, which provides support to superannuation and pension funds, a wide range of asset managers internationally including sovereign wealth funds and alternative investment managers, as well as third party administrators.</p>
<p>There are three key steps in the investment management value chain where DST Global Solutions assists:
• Asset safe-keeping, specifically fund accounting
• Middle office and analytics, including performance and attribution, risk management and client reporting
• Distribution platforms, including Bluedoor.</p>
<p>Ian Mathieson concluded, “We are investing significantly in our solutions globally to ensure we provide long-term and valued support to our clients. Our new Bluedoor platform will play a key role in addressing the needs of our wealth management clients in Australia and beyond. We are extremely pleased that LUCRF recognised the benefits of Bluedoor and they are now a client of DST Global Solutions.”</p>
<p>About LUCRF Super
LUCRF Super was formally established in December 1978 by the Storeman and Packers Union (now the National Union of Workers) to provide retirement benefits for members of the Union and working people generally.</p>
<p>In 1978, Australia’s superannuation system was very different from the system we enjoy today. Superannuation was not portable between jobs and was considered a reward for long and loyal service to a company.</p>
<p>LUCRF offered a system that operated like a bank account with contributions from the employer being credited to each member’s account.</p>
<p>The key concepts central to the foundation of the Union’s and LUCRF’s approach to superannuation were:</p>
<p>1. Portability
The ability to move from job to job and take your retirement benefits with you</p>
<p>2. Full Vesting
Employer Contribution was deferred pay – it belonged to employees and should remain in the employees fund account</p>
<p>3. Employee Ownership
The money belonged to employees and they had all the rights that come with ownership.</p>
<p>These are the core principles that underpin industry super today.</p>

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