Invesco switches “outdated” ADFs to SMF
Investment managerInvescowill transfer its Approved Deposit Funds (ADFs) intoSMF Funds Management’s master trust The Spectrum Plan, providing SMF with over 1,100 new members and more than $30 million in new funds.
Invesco head of sales and marketing Peter Hodgson cited the “outdated” nature of ADFs and the limited options they provide compared with other superannuation products as the reason for the switch.
“Transferring trustee responsibilities for our ADFs to SMF will mean that they will be managed with the same integrity as Invesco has, but SMF will be able to offer clients more choice and flexibility,” Hodgson says.
Invesco investors moving to the SMF Spectrum platform will potentially have access to more than 40 externally managed funds, nine sector pools, seven income investment options and 115 listed shares, but will initially be transferred into investment options with similar investment strategies to their Invesco ADFs, according to SMF managing director Christopher Kelaher.
Invesco’s Protected Growth strategy will be retained as an investment option of The Spectrum Plan, as well as being included across SMF’s other master trust menus.
A master trust specialist, SMF Funds Management currently administers over $1.8 billion in funds for 85,000 investors and 8,000 corporate clients.
Recommended for you
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
Mason Stevens has tapped Investment Trends’ head of growth, alongside two other hires, to bolster its distribution team.
