Symetry drops Assure and signs up Avanteos

appointments portfolio management dealer groups risk management chief executive

2 April 2003
| By Jason |

PORTFOLIO management service providerSymetrywill stop usingAXA’s Assure master trust for its back-office administration and bring the work in-house, using a technology system provided byAvanteos.

Symetry chief executive Don Clifton says under the new arrangements, Avanteos will only take on the role of providing technology for Symetry, which will become the recognised administrator for the investments held through the group.

The shift away from Assure follows a restructuring within Symetry earlier this year that split the company’s operations into three main areas — finance and operations services, risk management, and business development, each headed by a general manager.

Clifton says the group has been in operation for 10 years and felt that it had built sufficient scale and experience to bring the administrative work back into the company.

At present, Symetry has $900 million in funds under management and has boosted staff numbers from 16 to 26 to cope with the new workload.

Symetry has also made a number of appointments in the new administration function, including Pat Toffoli as administration manager.

“We are now of a size where we can take new initiatives to further improve our services to dealers and advisers in keeping with our established business model,” he says.

Clifton says Symetry aims to address the issue of holistic portfolio management, and the use of a wrap or master trust is not the aim, but rather advisers are looking for systems that will supply better client support and service.

The provider is now supported by 20 dealer groups with just under $900 million in funds under management, having grown from eight dealer groups with $250 million under management in 1999.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 2 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

4 weeks 1 day ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week ago