AUSTRALIA - Watson Wyatt Australia have terminated its contract under which CitiStreet provides it with administration services for its corporate stand-alone superannuation clients.
IBM SuperLife will assume operation of the administration of Watson Wyatt's corporate superannuation client back-office functions in Australia.
After a strategic review by senior management, CitiStreet has instead decided to focus towards providing superannuation administration and related services to Industry Funds and Corporate & Retail Master Trusts.
Stuart Korchinski, CEO of CitiStreet Australia, said: "We are pleased to create a smooth transition for Watson Wyatt's corporate clients and our staff who service these clients.
CitiStreet sees enormous growth opportunities in focusing on rapidly growing, large Industry Funds and Master Trusts."
Jackie Korhonen, Director, IBM SuperLife added: ""Together with Watson Wyatt, we are keen to expand our market share in the corporate superannuation sector and we view this arrangement as very beneficial to not only our respective organisations, but also to current and future clients" she said.
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