ObjectMastery’s UK deal
Melbourne-based wrap developer ObjectMastery has signed a deal with the UK’s Association of Investment Trust Companies (AITC) to market listed investment trusts.
The deal, through ObjectMastery's UK subsidiary Integrated Financial Arrangements (IntegraFin), will use the company's Transact wrap service.
ObjectMastery general manager Ian Craig says the deal gives AITC's 302 members the opportunity to market their investment trusts through Transact. The association was founded in 1932 and has assets of about £83 billion.
The wrap allows investors access to the investment trusts of AITC members, all London Stock Exchange stocks and gilts as well as all UK unit trusts and open ended investment companies.
All reporting is consolidated and transactions, reporting and information can be initiated and viewed online by either the client or adviser.
AITC director general Daniel Godfrey says the investment trust industry in the UK has been striving to break through into the independent financial adviser market for some time.
"This collaboration with IntegraFin has helped us to achieve our objective - enabling advisers to include all investment trusts in their clients' investment portfolios and to receive the initial and annual commissions that they would expect to earn for professional financial advice," he says.
"Since its launch, Transact has already encouraged more IFAs to use investment trusts and I am confident that this trend will continue."
Since it was launched in March, Transact has achieved inflows of more than $A20 million and is growing rapidly, says Craig.
IntegraFin recently completed its second round capital raising in the UK with a £1.5 million ($A4.1 million) placement of shares to a consortium of private UK-based investors.
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