Investment Administration Services credits FOFA for growth
Investment Administration Services (IAS) recorded more than $150 million of inflows during the five months to 30 November into its managed discretionary account (MDA) service, crediting this to groups looking to achieve an integrated investment management and administration solution in a post-Future of Financial Advice (FOFA) environment.
IAS said $100 million of the recent inflow had come from eight new private label services that had gone live since July.
These included Fat Prophets Wealth Management, Integrated Financial Solutions, Value Investment Partners and iFinancial. IAS said it would be rolling out several additional services in the coming months to independent financial planning groups, brokers and boutique asset managers including Lonsec Stockbroking.
IAS head of distribution David Heather said transparency and the ability to vertically integrate are key considerations given the FOFA changes.
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