Asgard wrap signs maiden badging deal
The Sealcorp ownedAsgardinvestment platform has signed its first ever deal to build a badged version of its new wrap account, the eWrap, for a financial planning dealer group.
The deal, signed with the Newcastle based Prosperity Personal and Corporate Advisers, marks the first dealer group win for the eWrap since it was launched as part of a major revamp of the Asgard platform in May.
Sealcorp chief executive Ian Knox says the group’s ambition is to position eWrap as one of the leading providers of badged wrap services for dealer groups, putting it into direct competition with the likes ofMacquarieandBT.
Data released by Assirt for the June quarter of this year - the first ever to include the flow of funds from badges versions of wrap products - show Macquarie leads the way in the sector, taking in $1.3 billion over the three month period.
BT, which still operates the largest wrap in the market with over $7 billion in assets under administration, was not far behind with $863 million in net inflows for the quarter.
“The rapid growth of wraps point to a growing demand among dealer groups for this sort of service and we expect to become market leader in this sector,” Knox says.
Prosperity, with 80 employees and in excess of $350 million funds under advice, is reportedly the largest regional accounting and financial planning group in the Newcastle area.
The group, headed by chief executive Allan McKeown, has also signed up to Sealcorp’s full Dealer Services offering, a set of practice management solutions for dealer groups.
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