Multiport managed accounts FUA reaches $150 million
AMP-backed Multiport has continued to grow its presence in the managed accounts markets, announcing this week it had reached $150 million in funds administered on its managed accounts service.
Commenting on the milestone, Multiport chief executive John McIlroy said that amid the continuing uncertainty being experienced in investment markets, managed accounts were becoming increasingly popular among investors and financial planners.
“With the Future of Financial Advice reforms and ongoing market volatility causing many financial planners to look at ways to create or improve value for their clients, managed account solutions are being looked at more closely,” he said.
McIlroy claimed managed accounts were a growing financial advice area for financial planners and their clients because they could be tailored to suit the requirements and licensing structure of a financial planner’s business.
“We’re expecting that the interest we’ve already seen in our managed accounts services will continue to grow,” he said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
