Asgard more than doubles quarterly inflows
Asgard Capital Managementhas more than doubled its quarterly inflows to top the platform market inflows list for the December 2003 quarter, according to Assirt market share report figures.
Asgard increased inflows from $441 million for the September quarter to a whopping $985 million for the December quarter. Its closest competitors wereMacquarieandBT Financial Groupwith $838 million and $724 million respectively.
Asgard’s rapid growth has been achieved on the back of the transition of funds from AMP Financial Services under a deal struck by Asgard in July to provide four customised eWraps to its aligned dealer groups, as well as growth from the group’s core master trusts.
According to newly appointed Sealcorp chief executive Geoff Lloyd, the results show the Asgard business model “continues to be very robust”.
The eWrap and eWrap Super products have contributed strongly to Asgard’s total wrap assets, which have passed $1 billion, since their launch in May 2002 and April 2003 respectively, and income through corporate superannuation and institutional business partnerships now represents a greater proportion of the group’s net inflows.
Asgard has also had significant take-up of its family package fee discounts, which were first offered in October last year.
Since its launch, more than $500 million of the existing $10 billion in the Asgard full service master trust has been transferred, with momentum continuing in this area.
Under the package terms, existing investors receive discounts of up to 33 per cent on administration fees.
Lloyd says, “This is tremendously important initiative to us as it is about offering real fee benefits to the existing clients, who have been with our business from the start and reinforces our inflows to our master trust products.”
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