White label IMA targets boutique dealers
Recently merged financial services groups Trust Company andPermanenthave teamed up with technology provider Syscorp to launch an Individually Managed Account (IMA) service aimed at boutique financial planning businesses.
In what Trust Company and Permanent claim is a first for the Australian market, dealer groups in Australia will be able to “white label” the IMA, which is being pitched at investors with a minimum of $100,000.
“This product is extremely cost effective and provides boutique fund managers and dealer groups with an ideal opportunity to access the upper end of the retail market,” Trust Company and Permanent general manager business development and marketing Stephen Trompp says.
Van Eyk Researchwill provide the investment profile for the first four portfolios available through the new IMA, with Trust Company and Permanent providing the responsible entity, administration and compliance capabilities and Syscorp the technology platform.
The service will provide a single platform through which dealer groups and fund managers can access a suite of administration capabilities including timely rebalancing, comprehensive and consolidated reporting and individual tax positions.
Trompp says clients using the IMA will benefit from professional portfolio management and tax efficiencies while still having individual ownership of their shares.
The launch of the IMA follows the merger of Trust Company and Permanent in December last year, and signals a new direction for the entity.
Trompp says, “We see ourselves as moving into the area where we’re supplying professional and ‘smart’ products to intermediaries, not just financial planners but could be accountants, anyone who has got financial relationships with their clients, so we would like to provide more of these products to them so they can on sell them and grow their product offering.”
It is anticipated the IMA will be in operation in 4-6 weeks time.
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