BlackRock SMA service reaches $500 million
BlackRock’s customised separately managed account (SMA) service has reached $500 million in funds under administration (FUA).
BlackRock director and head of retail Scott Phillips said the company’s customised portfolio service had reached the $500 million milestone with over 4,500 accounts in less than five years.
“The strength in inflows can be attributed to the strong support of the product from the market, despite the effects of the global financial crisis over the last two years,” he said. He added that the advantages of retaining ownership of shares, as well as tax advantages, were key factors attributing to the growth.
“Growth has primarily been driven by adviser and investor demand for a low-cost portfolio solution that is simple, transparent and flexible. With the continued growth of the service, BlackRock is committed to re-investing back into the business to develop new, market-leading functionality for our clients,” he added.
Phillips also announced the promotion of James Langlands to co-head of BlackRock’s customised portfolio service responsible for distribution, alongside Rob Dixon.
The BlackRock customised portfolio service currently has 84 investment models available across 34 separate Product Disclosure Statements. This includes those issued under branding agreements with some of Australia’s leading financial planning dealer groups, the company said.
AUTHOR
Chris Kennedy
Recommended for you
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
With less than 5 per cent of Dixon Advisory complaints closed, AFCA has detailed how it is dealing with systemic issues, known as batch matters, through a consistent yet case-by-case approach.
For financial advisers and business owners seeking to run a top advice firm, Adviser Ratings has shared the characteristics of these leaders from top firms focusing on “scale, specialisation and sophistication”.
As Stephen Jones cites the new class of qualified advisers as a way to reduce legislative complexity in advice, the FAAA’s Sarah Abood says its members still have qualms with the idea and its naming.
