Read the recent article in Financial Observer regarding netwealth and its new fully integrated managed account service which is being launched by the end of 2014.
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News
IMAP coordinates managed account providers to sponsor Managed Accounts Central at 2014 FPA Congress
Press Release
07 November 2014
Advisers can learn about competing managed account models at one location
IMAP, Institute of Managed Account Professionals, has assembled some of the industry’s leading managed account providers to sponsor Managed Accounts Central at the upcoming FPA Congress in Adelaide. At Managed Accounts Central delegates will have free access to PCs and a technology centre for email checking and internet access.
HUB24, netwealth and Philo Capital will join with IMAP to provide FPA congress delegates with greater insights into the various managed account operating models that exist in the market.
OneVue partners with Spring Financial Group
OneVue is set to expand its SMSF footprint with the first of several new private label partnerships.
The wholesale superannuation solutions provider has announced its Platform Services capabilities will be leveraged by Spring FG Limited (Spring FG).
“Our core Platform Services capability will be used to administer SMSF assets with a focus on property for Spring FG,” OneVue Head of Platform Strategy, Sales and Service David Storm said.
“Unlike traditional platforms, OneVue has a specialist ability to administer the cash flow elements of direct residential and commercial property.”
Spring FG Managing Director Keith Cullen explained Spring was attracted to OneVue’s property asset administration capabilities.
“After an extensive review of platform options we’re delighted to partner with OneVue to deliver asset administration services for our SMSF and non-SMSF clients,” Cullen said.
Spring FG is the latest client to join OneVue’s platform with more than 200 SMSFs added in the past quarter, lifting Funds Under Administration (FUA).
“So far this year we’ve added around 500 SMSFs, with 250 of them coming from the award-winning SMSF Managers that OneVue purchased in May,” Storm added.
“We’re working with a number of new and existing clients who are looking at our functionality to deliver property asset administration solutions.”
For further information contact:
Josh Mathews
OneVue Media and Communications Manager
02 8022 7421
0407 888 902
onevue.com.au
OneVue and IMAP educate on managed accounts
OneVue will play a lead role in industry education on the rapidly growing managed accounts sector.
The wholesale superannuation solutions provider today announced it has renewed its sponsorship of the industry’s peak body, the Institute of Managed Account Professionals (IMAP).
OneVue head of platform strategy, sales and service David Storm said: “It’s important for us to work with groups such as IMAP and take a leadership position in the promotion, participation and education of managed accounts.”
According to Storm many advisers have expressed an interest in managed accounts, but are daunted by the range and complexity of products available.
“Many advisers struggle with managed accounts as they don’t have experience with them, but those who do, say more transparency, less admin and accessibility are reasons for use.”
“Managed accounts aren’t just marketed at high-net-worth individuals as they were in the mid-1990s, they now target the average investor,” Storm added.
The managed accounts space is now valued in excess of $15 billion, and considered a significant part of the retail investor market.
IMAP chief executive Toby Potter said he was thrilled to have OneVue’s support as the industry evolves.
Philo produces White Paper on Managed Accounts
Philo Capital Advisers has released the first instalment of a 3 part white paper that seeks to provide much needed industry education on managed accounts.
The paper is targeted at financial services practitioners who are interested in implementing managed accounts within their business but feel they need a more thorough grounding in the topic to equip them to assess the opportunity.
Click here to read Part A of the white paper.
The story behind the evolution of managed accounts
Chairman of IMAP Toby Potter spoke to Greg Bright of IO&C about the journey managed accounts have taken and their likely future. ... click on link to read article at their website.
http://ioandc.com/the-story-behind-the-evolution-of-managed-accounts/
OneVue to acquire Select Asset Management and Select Investment Partners
Key highlights:
• Select Group established in 2002; recorded total revenue in FY2014 of $7.1m and has been profitable in each of the past 5 financial years.
• Attractive financial metrics with the acquisition expected to be accretive on an EBITDA per share basis for FY2015
• Total retail Funds Under Management and Administration increases from $1,940m as at 30 June 2014 to $2,609m and Total Funds Under Supervision rises from $711m to $1,614m
• Transaction is fully funded from existing cash reserves and the issue of OneVue shares
• Brendan Foley, current Chairman and CEO of Select, to be appointed Deputy CEO of OneVue
OneVue Holdings Limited (ASX: OVH) (OneVue) has today agreed to acquire Select Asset Management Limited, trading as Select Fund Services and Select Investment Partners Limited. Completion is expected to occur tomorrow.
SMSFs boost investment platforms
Self managed super fund (SMSF) clients are rapidly turning to specialist admin providers, new figures reveal.
According to the OneVue/Investment Trends 2014 SMSF Accountant Report, an extra 35,000 SMSFs started using a specialist provider in the past 12 months.
“Last year it was estimated that 115,000 SMSF trustees utilised the services of SMSF administrators,” OneVue head of platform strategy, sales and service, David Storm said.
“This year there’s been a 30 percent increase, with SMSFs indicating the key reasons are ease of use, low cost and admin efficiency.”
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.