Kingston signs Powerwrap’s SMA
West Australian-based investment and advisory firm Kingston Capital will transition around $200 million in assets to investment administration provider Powerwrap’s separately managed account (SMA) service.
The move came following an agreement between the two, which would enable Kingston Capital to offer clients and other licensees an SMA service through Powerwrap’s consolidated platform.
Powerwrap’s SMA service is underpinned by Praemium’s V-Wrap and SMA infrastructure. Kingston Capital already uses Praemium’s V-Wrap for its portfolio administration.
This is the second major SMA service to be based on Praemium technology.
Praemium Group chief executive officer Arthur Naoumidis said the growing number of advisory firms offering SMA services to their clients cemented his previous conviction that “the SMA sector in Australia is becoming firmly established as a key investment administration platform”.
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.