News

OneVue’s mFund capabilities expand Allan Gray distribution

OneVue mFund Settlement Service capabilities will be leveraged by a fund services client for the first time.

Allan Gray, an existing OneVue outsourced unit registry client, is expanding its distribution and making the Allan Gray Australia Equity Fund and Allan Gray Australia Opportunity Fund available via mFund.

The Australian Securities Exchange (ASX) launched mFund in May, to make unlisted managed funds more accessible to direct investors.

Both OneVue and Allan Gray are foundation members of mFund.

ASIC ruling will promote development of Managed Accounts - says IMAP

12 August 2014


IMAP believes ASIC ruling will promote development of Managed Accounts.

Will substantially reduce the compliance burden for advisers re MDAs.

The Institute of Managed Account Professionals (IMAP) has welcomed ASIC clarifying its interpretation of the circumstances in which an SMSF trustee can be treated as a wholesale client. The general test which can now apply means that an SMSF trustee is a wholesale client if a certificate is available from a qualifying accountant that the trustee has net assets of $2.5m or income of over $250,000 for two years. 

In their announcement released on 8 August 2014, ASIC states that its “…revised approach means that … if the person providing the advice determines… the trustee is (personally) a wholesale client based on the general test…” then the adviser can treat the SMSF trustee as a wholesale client.

BetaShares Announces Strategic Alliance with Leading US ETF Provider Wisdom Tree

BetaShares to exclusively market the full range of WisdomTree US ETFs in Australia and New Zealand

BetaShares and WisdomTree to explore development of ASX products providing access to WisdomTree investment strategies

SYDNEY, 9 August 2014: BetaShares has today announced a strategic alliance with WisdomTree Investments Inc. (NASDAQ: WETF), a leading exchange-traded product (“ETP”) sponsor and asset manager. Under the terms of the agreement, BetaShares has been granted exclusive rights to market the full range of WisdomTree US listed ETFs in Australia and New Zealand to institutional investors.

In addition, BetaShares and WisdomTree will explore the development of products on the Australian Securities Exchange (“ASX”) with the aim of providing investors in Australia and New Zealand access to some of the innovative investment strategies pioneered by WisdomTree.

Award-Winning Licensee Joins Managed Account Movement

Melbourne-based advisory firm Moran Howlett Financial Planning has become the latest boutique to launch a managed discretionary account (MDA) solution, which will ultimately see it phase out traditional wrap platforms and clunky SMSF administration software.
 
The firm, which has approximately 350 clients and $160 million in assets under advice, has signed a deal to integrate the MDA solution of managedaccounts.com.au following an extensive investigation process which involved four other parties.
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OneVue purchases award-winning SMSF business

Wholesale superannuation solutions provider OneVue has purchased the award-winning SMSF administration business formerly owned by Super Managers Australia.

OneVue group chief executive Connie Mckeage said the SMSF administration business, which will remain Melbourne based, will become a subsidiary of OneVue and be rebranded ‘SMSF Managers’.

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OneVue rebrands, defines vision for 2014

OneVue has defined its vision for 2014 and beyond while undergoing a rebranding exercise and officially launching its new public website and company logo.

OneVue group chief executive Connie Mckeage said OneVue’s vision going forward is much broader than what it has been in previous years as its operations now encompass a more extensive suite of both platform and fund services.

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No Change to MDA Regulations

ASIC have today announced that they will not be making any change to the MDA regulations in the immediate future.

While they had previously announced that draft regulations world be produced by April 2014, today they announced that no further action is planned in the immediate future.

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Perpetual and Thorney buy into OneVue

Investment platform and fund services provider OneVue has announced the completion of the first $6.75 million of an $8 million capital raising program.

OneVue chief executive Connie Mckeage said the aim of the capital raising was to fund the business’ expansion post the acquisition of Computershare Fund Services and to create a stronger balance sheet for the group.

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Managed Discretionary Accounts: update to RG 179

Summary of IMAP’s Recommendations

MDA Authorisations: IMAP believes that the MDA authorisations recognise functions actually performed by the MDA Operator including the creation of an AFSL condition for MDA operators which permits them to operate the MDA service only for retail clients who have concurrently become clients of a regulated platform.

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IMAP Managed Account FUM survey

The Institute of Managed Account Professionals (IMAP) today released the 2016 version of the Managed Accounts FUM Survey.

“Managed Accounts have been growing rapidly” said Toby Potter, Chair of IMAP. “However, because they can be SMAs, or MDA’s or various other legal structures, it’s been hard to be sure just how much is managed in this way.”

“We’ve surveyed almost all the organisations who have a managed account service and we estimate the investment pool is now over $30 bn” Said Potter. “Separating this single total into the main types of service, the amounts invested are :

• SMA / MIS – where there is a PDS - $8.8bn
• MDA services - $10.2bn
• Other services such as IDPS Like, IDPS, other contractual arrangements - $11.9bn
• Total - $30.874bn

In addition, as part of the survey, IMAP has released a listing of the service offerings and contact details of the participants. This will also be included in the IMAP Managed Account Directory available on the IMAP website – www.imap.asn.au.

“For confidentiality reasons we are not releasing the FUM associated with each provider. They will release this if they want and of course some publicly listed organisations do this as a matter of course” said Potter

Contact

Toby Potter, Chair, 0414 443 236 toby.potter@imap.asn.au

Jane McIlroy, National Marketing and Events Manager 0411420180 jane.mcilroy@imap.asn.au       

Media

Chris Hocking 0418 603 694 chris@chstrategies.com.au 

Please email jane mcilroy to request a copy 

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