Asgard adds LM to platform menu
Queensland-based international investment group,LM Investment Managementhas been added toAsgard Capital Management’s investment menu line-up.
The LM Wholesale Mortgage Income Fund ‘at call’ investment option, which has a current effective return of 6.75 per cent, is now available on the Asgard wrap and master fund products platform.
This development takes the total number of master trusts and wrap services listing LM’s wholesale mortgage offering to 37.
Asgard has $16 billion of superannuation and savings assets under administration for some 200,000 individual and corporate investors, with around 4,000 financial advisers currently accessing the Asgard platform.
LM chief executive Peter Drake says the announcement reflects LM’s increasing strength in the market.
“LM’s listing with Asgard comes at a time when LM is enjoying record levels of inflows and significant strategic growth. We currently have more than $430 million under management and are on target to achieve $500 million under management by June 30 2004,” Drake says.
LM’s recent growth has seen 10 new appointments across its four offices in Sydney, Hong Kong, Bangkok and the Gold Coast in the last six months.
A further 44 advisers from Australia, South-East Asia and the Middle East were brought in early this year, bringing the total number of business advisers LM currently has a relationship with to 670.
Asgard Capital Management more than doubled its quarterly inflows to top the platform market inflows list for the December 2003 quarter, with inflows growing from $441 million for the September quarter to $985 million, according toAssirtmarket share report figures.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.
