Invesco switches “outdated” ADFs to SMF
Investment managerInvescowill transfer its Approved Deposit Funds (ADFs) intoSMF Funds Management’s master trust The Spectrum Plan, providing SMF with over 1,100 new members and more than $30 million in new funds.
Invesco head of sales and marketing Peter Hodgson cited the “outdated” nature of ADFs and the limited options they provide compared with other superannuation products as the reason for the switch.
“Transferring trustee responsibilities for our ADFs to SMF will mean that they will be managed with the same integrity as Invesco has, but SMF will be able to offer clients more choice and flexibility,” Hodgson says.
Invesco investors moving to the SMF Spectrum platform will potentially have access to more than 40 externally managed funds, nine sector pools, seven income investment options and 115 listed shares, but will initially be transferred into investment options with similar investment strategies to their Invesco ADFs, according to SMF managing director Christopher Kelaher.
Invesco’s Protected Growth strategy will be retained as an investment option of The Spectrum Plan, as well as being included across SMF’s other master trust menus.
A master trust specialist, SMF Funds Management currently administers over $1.8 billion in funds for 85,000 investors and 8,000 corporate clients.
AUTHOR
Freya Purnell
Recommended for you
An former financial adviser based in Sunshine Coast has been permanently banned by ASIC after being sentenced to six years imprisonment for fraud
This senior consultant has emphasised why ‘playing the long game’ of cultivating a desirable work culture is vital for high-performing financial advice firms and their teams.
With superannuation funds and financial advisers being the top two sources of information for retirees, a TAL white paper has revealed which they turn to first.
Newly launched wealth technology platform HeirWealth has appointed multiple senior industry figures to its advisory board including former MLC CEO Geoff Lloyd as chair.
