Sealcorp to relaunch Asgard amid calls for higher growth
Sealcorpwill relaunch its flagship master trust, Asgard, in May this year with the addition of a wrap facility, separately managed accounts and increased rebates on fund manager fees.
The new additions to Asgard were announced at the Securitor and Pact Dealer Group’s conference in Bali last week by Sealcorp director of distribution Dan Powell.
Powell says while the new services will sit alongside the long running master trust, they will be distinct products in their own right and represent a push by Sealcorp to turn Asgard into a peak brand offering a range of services.
“This evolution has been pushed by planners and investors seeking wider services from Sealcorp, and Asgard will become the brand offering a wrap account, master trust and separately managed accounts in a supermarket of offerings,” Powell says.
The separately managed accounts will offer share portfolios as well as managed funds, with five asset managers, yet to be named publicly, already signed to come onboard.
While the first stages of the new look Asgard are set for a formal launch in May, the provision of separately managed accounts to Asgard customers will begin in August, with Powell expecting high-net-worth clients to find the new offering the most attractive.
Despite these moves to boost the group’s business, it has put out a call for advisers under the Securitor and Pact banners to increase the group’s inflows as part of plans for forward growth.
Powell told advisers at the conference that while the average level of business written by each adviser into Asgard has climbed to $3 million per annum, that figure would have to reach $5 million to maintain growth in the future.
Sealcorp is also pushing for increased targets in funds under advice, up $400 million this year to $2.5 billion, with around $1.4 billion slated to enter via Asgard alone.
AUTHOR
Jason Spits
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