BT Panorama FUA hits $49b
BT Panorama has hit $49 billion in funds under administration (FUA) due to over 38,000 BT Wrap client accounts being transferred over in the past week.
Once all BT Wrap accounts had been transferred, which was expected to be completed by the middle of the year, BT Panorama would have an estimated $90 billion FUA.
Kathy Vincent, BT managing director – platforms, investments and operations, said BT began transferring BT Wrap accounts to BT Panorama with a pilot in December last year and the most recent transfer was the largest to date for the platform.
“We are proud to bring the BT Panorama to more advisers and their clients including flexible investment options, in-depth reporting, a customised online experience, mobile app, a broad range of managed account solutions and digital creation and client consent for Records of Advice,” Vincent said.
Pricing arrangements for clients transferred to BT Panorama remained the same or were reduced.
“This is a significant change and BT has a large, dedicated technical and customer service team supporting advisers,” Vincent said.
“It will be the end of an era as BT Wrap was the first of its kind in Australia when it launched more than 20 years ago but we look forward to delivering BT Panorama’s enhanced user experience to more Australians.”
Recommended for you
Fidelity Australia managing director Lawrence Hanson has announced the firm’s intention to launch several of its strategies as active ETFs.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
Betashares has highlighted which ETFs saw the highest volume of inflows and outflows in April, while the overall ETF industry breaks its six-month growth streak.
ETF provider Global X has launched a Gold Bullion ETF which will complement the firm’s existing physical gold vehicle.