Former InvestorWeb execs to model portfolios
Former InvestorWeb executives Toby Potter and Paul Collins have turned up at Model Portfolios, a new administration service for individually managed accounts.
Potter, InvestorWeb’s chief operating officer until 2003, said Model Portfolios would provide advisers with “managed discretionary accounts”, which he describes as “IMAs [individually managed accounts] with better administration”.
Potter will be chief executive of the new venture, whose other full-time staff member for now is Gary Angel, the former Commonwealth Bank securities custody boss who will head Model Portfolios’ operations.
Both are shareholders in the venture, along with Collins, the InvestorWeb co-founder who left the business in December; Chris Lavers, who recently sold his share of Neville Ward Direct; and Rob McGregor, who once worked with Potter at Morningstar and now provides investment consulting to dealer groups including Bongiorno and Matrix.
Model Portfolios will use FMCSuite as its software platform, for a service which Potter said could efficiently implement a large number of IMAs using block trades, while still providing individual portfolio details to clients’ desktops.
A panel of funds managers and brokers are now being selected to underlie Model Portfolios’ options, which Potter said would be available in June.
Recommended for you
While model figures provide valuable insights on how advisers can draw benefits from managed accounts, Zenith’s head of portfolio solutions has argued that professional judgement and quality research are key to successful implementation.
While the number of financial services staff using AI has almost doubled in the last year, two surveys have revealed that fast-paced AI adoption has led to governance gaps and growing concerns about job security.
Entireti has partnered with Striver to connect graduates and job seekers with its advice network to support the placement of new talent.
ASIC has cancelled the Australian financial services licence of Ivy League Capital Pty Ltd, a firm authorised to provide advice in relation to managed investment schemes.
