ShareInvest adds wholesale funds to SMA universe
Direct Portfolio Services has introduced discretionary managed asset portfolios of wholesale managed funds into its separately-managed account (SMA) financial product, ShareInvest.
Executive chairman John Aldersley said Direct Portfolio Services would be the first company to offer Australian (wholesale) investors a “combined SMA direct equity and wrap-style financial product as a competitive alternative to the traditional wrap platform market”.
A decision by Lonsdale Financial Group to select ShareInvest as its preferred SMA product was a “catalyst” for the introduction of the new product into ShareInvest, according to Aldersley.
“Feedback from Lonsdale planners revealed a preferred platform would need to combine SMA technology to Lonsec and Ausbil direct equity portfolios with traditional access to managed fund portfolios,” he said.
Yet another catalyst for the product’s incorporation into ShareInvest were statements from the major wrap providers that they would launch their own SMA products.
“They have thrown down the gauntlet and drawn their swords, (and) so we are responding with our laser weapons.”
AUTHOR
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
