SYDNEY, AUSTRALIA and BOSTON, MASS (March 2, 2016) – Allen Partners and Financial Recovery Technologies (FRT) have partnered to help Australian and New Zealand investment firms, including superannuation funds, implement leading corporate governance solutions in response to global and domestic securities litigation in turn impacting portfolio returns.
The agreement addresses the recent growth in securities and antitrust litigation globally, particularly in the U.S. and Australia. Beyond securities litigation, best governance practices are also in demand for antitrust; examples include claims for manipulation of foreign exchange and LIBOR rates.
In 2015, 12 securities class actions were filed in Australia, a substantial increase over the prior 2 years, with more than 270 securities class actions initiated globally. The majority of these class actions were in the U.S., where settlements in excess of $1 billion are not uncommon, but almost one-third of new non-U.S. securities cases were filed in Australia, recovering nearly $1 billion.
FRT combines world-class technology with the a peerless understanding of clients’ businesses to identify all eligible security positions, and provide the analysis and oversight needed to ensure investors maximise their securities litigation recoveries.
FRT regularly alerts clients to class actions in Australia, most recently involving potential claims against Slater & Gordon, UGL Ltd. and Treasury Wines Estate.
“We believe FRT’s solutions are a vital component of our clients’ operations,” said Nicholas Allen Co-founder of Allen Partners. “Australian investors aren’t just faced with an increasing number of litigation opportunities; fund managers and trustees must also satisfy their fiduciary obligations. FRT is constantly investing in its technology and people to maintain its best in class action securities litigation recoveries. The results have shown.”
FRT has more than 500 institutional clients worldwide including hedge funds, asset managers, sovereign wealth funds, pension funds and private banks with more than $15 trillion in collective assets under management.
“We’re excited to be working with Allen Partners to improve litigation outcomes for Australia and New Zealand investors in global securities and antitrust cases” said Steven Longley, Senior Vice President, Corporate Development at FRT. “With FRT’s expertise and connections, we’ll be able to ensure these investors are able to implement the most relevant governance standard to recoup everything that’s rightfully theirs.”
About Financial Recovery Technologies
Founded in 2008, Financial Recovery Technologies (FRT) is a technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. Financial Recovery Technologies is a Cross Country Group company (www.crosscountrygroup.com). For more information, go to www.frtservices.com.
About Allen Partners
Allen Partners was formed in 2009 to address the growing need for leading global asset managers to be appropriately represented in Australia and New Zealand and to successfully raise institutional capital in this increasingly large and globally significant capital market. Allen Partners has deep, long-term relationships across the Australian and New Zealand superannuation and investment management industry combined with direct alternative asset investment and investment banking experience. Our relationships span the various layers of institutional investors (in-house investment teams, CIOs, CEOs, board members, trustees, chairpersons), external advisers (investment analysts and asset consultants) and across all fund types (corporate superannuation funds, industry funds, financial institutions’ platforms and public/government sector funds).
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