ObjectMastery expands UK business
OBJECTMASTERY has reported a 10-fold increase in the funds under administration for its UK-based Transact wrap account and has launched an executive pension scheme for directors and key employees.
Transact now has £125 million (A$350 million) of funds under administration at the year-end. This compares to £12 million at the end of 2000.
ObjectMastery general manager Ian Craig says the 2001 result proved there was a strong demand for wraps services in the UK.
“We know Transact can hold its own against competitors and, despite gloomy funds flow elsewhere in the industry, we expect a bumper three months as the UK heads into its end of financial year.”
The UK financial year ends on April 5.
The latest addition to the wrap is the executive pension scheme, which, under UK rules, allows for greater contributions than personal pension plans.
Craig says the scheme offers access to a full range of UK unit trusts, investment trusts and shares listed on the London Stock Exchange.
ObjectMastery is also working on a number of initiatives to boost the wrap services offered. These will include a performance monitoring toolset for client portfolios in Transact.
The toolset, called RiskMetrics, is in the first stage of field-testing and Craig says the company hopes to make the first phase of the product available to advisers in February.
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