FirstChoice off to flyer in stilted market
FirstChoice,Colonial First State’sflagship master trust, has reached the $1.4 billion mark in funds under administration within six months of its launch.
The master trust began with $300 million when launched in May of this year, consisting of funds rolled over from other investment platforms operated by Colonial and its parent, theCommonwealth Bank.
Figures compiled by research houseAssirtshow that FirstChoice reached the $1.4 billion mark after a strong showing in the September quarter, where it took in $550 million worth of new money.
The master trust’s growth comes despite a continuing negative trend in the sector, with the latest retail survey from Assirt showing the industry was down by 57 per cent on the corresponding period last year.
The Assirt figures also show the September quarterly figures were down on results for the previous quarter.
One third of inflows into FirstChoice have been from independent financial advisers
Another one third of the flows have come from the Commonwealth Bank’s branch based network of financial planners, with the final third coming from the bank’s commission-based dealer groups, Financial Wisdom and Commonwealth Financial Solutions.
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