Dalton Nicol Reid supports MDA review
Independent investment manager Dalton Nicol Reid has welcomed the regulator's consultative review of the growing managed discretionary account (MDA) sector.
The consultation paper — which was released earlier this month — proposes a number of changes to the guidance and relief for MDA operators, including revoking the two ‘no action' letters relating to discretionary management on platforms.
Dalton Nicol Reid chief executive Harley Dalton said the review would help to ensure the sector remains well-regulated and would provide investors with transparency when selecting an MDA operator.
He added that the guidance ensures that all MDA providers are subject to the appropriate level of regulation, which would help to build confidence in the market.
Recommended for you
Having received bids from Bell Financial Group and AxiCorp, trading platform Selfwealth has confirmed it has entered into a scheme implementation deed after both parties were invited to make a higher bid.
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Ausbil has expanded its distribution team with the hire of a manager for investment research and consulting, following the exit of its head of wholesale distribution in July.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
