Ray White to enlist advisers
Following the successful capital raising for Ray White Invest’s first retail property unit trust, the fund management division of the estate agency business intends to distribute future products via financial planners.
Ray White Invest director Dan White confirmed that the Service Centre Trust has raised $9.5 million, with a further $1.5 million underwritten by the fund management division.
The company is in the process of securing more investors for the underwritten sum. “This trust was new territory for us and the first retail trust with a PDS we have undertaken,” he said.
“We have now settled five of the six regional fuel service centres and will settle the last one very shortly.”
The trust will be looking for further acquisitions, White confirmed. “We are looking at an industrial property trust but we haven’t set a timescale for when it will be launched,” he said.
The initial retail trust was sold through the manager’s existing client base and to some clients from the real estate agent’s franchised residential offices.
White says the company will be looking at distribution of retail trusts in the future and has not ruled out the residential offices playing a more active role. “We intend also to look at financial planning dealer groups for future distribution,” he said.
“We now have a five year track record as a manager and I think we have a good story to tell them about our expertise.”
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.
