Colonial First State's FirstChoice reaches $50 billion
Colonial First State's FirstChoice platform has reached a milestone, achieving $50 billion in Funds Under Administration (FUA).
The milestone has been confirmed by CFS chief executive Brian Bissaker, who said the figure had grown from $200 million in FUA at launch in May, 2002.
Commenting on the milestone, Bissaker said the success of the platform could be attributed to a combination of pricing and service.
"Being able to provide same-day pricing, with execution and reporting of all trades within 24 hours, delivers efficiencies for financial advisers and certainty for investors in volatile markets," he said.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
