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Industry fund takes stake in Recreo Financial Technologies
Industry fund takes stake in Recreo Financial Technologies
Industry super fund Mine Wealth and Wellbeing has named Recreo Financial Technologies as its administration systems provider, also taking a minority share in the company.
In a statement, Mine Wealth and Wellbeing announced it will buy a minority stake in Recreo, in addition to using the company as its administration systems provider.
Recreo executive director Jason Clarke said the agreement is a "true partnership".
"They have a dedicated team to work with us, their equity position and their representative… on our board," he said.
Mr Clarke noted that Recreo's adoption by advisers and SMSF trustees is in the "early days" and indicated that providing "flexibility" will remain key.
Commenting on the administration deal, Recreo co-founder and managing director Matt Crooks said the super fund - formerly known as Auscoal - wanted an administration system that would evolve with the industry.
"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 compliance errors and costs," Mr Crooks said.
Mine Wealth and Wellbeing chief executive Bruce Watson said the fund will continue to self-administer under Recreo.
The partnership will allow the fund to include all of a members' investment assets within an accounting system, not just the assets inside the super fund, the statement said.
"The extra automation is a massive benefit to our business," Mr Watson said.
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