Adelaide Bank rolls out the cash
Equity Trustees has signed a deal with Adelaide Bank to rollout a badged cash management fund (CMF).
Under the deal, Adelaide Bank will provide full banking facilities to Equity Trustee investors, while the CMF operates as a branded Equity Trustee product.
The CMF already has $102 million under management, which pushes Adelaide Bank’s funds under management to more than $1 billion, well ahead of its original target at the end of 2000-2001 of $800 million.
Adelaide Banking group managing director Barry Fitzpatrick says the CMF is the latest step in the building of alliances with major financial services organisation, using the groups infrastructure as the vehicle to provide a cash management product.
The banking group has already struck strategic alliance deals with a number of financial services groups including Credit Suisse Asset Management (Australia), Count Wealth Accountants, TD Waterhouse, Summit Master Trust and AWB Limited.
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