InvestSense grows FUM 40%
Managed accounts provider, InvestSense, has seen its funds under management (FUM) grow over 40 per cent, and announced the appointment of Paul Carrington to help manage the growth of the firm.
InvestSense director, Fil Andronaco, says the increase in FUM was largely driven by industry wide demand for managed accounts as advisers move away from traditional managed fund solutions.
“One of the key drivers of growth for the firm is the migration to managed accounts by the financial adviser community,” said Andronaco.
In response to the increased growth, Carrington, who has over 30 years’ experience in the financial advice sector, to the newly-created role of director, head of adviser solutions.
“Paul’s first-hand experience and depth of knowledge in financial advice will be invaluable for our clients, as well as for driving further growth in our bespoke managed accounts offering,” said Andronaco.
Commenting on his appointment, Carrington said he long believed managed accounts would play an increasingly important role in the future of the financial advice industry.
Recommended for you
Failure to meet ESG compliance obligations can leave financial services directors walking a tightrope of risk, according to PwC, as ASIC urges firms to prepare for climate reporting.
The property group has announced the sale of its European funds management platform for $457 million as it looks to Australia and New Zealand for future growth.
Australian Ethical has announced it has entered into a binding agreement to acquire a sustainable fixed income manager, increasing its FUM by around $2 billion.
Russell Investments has appointed a new head of Asia-Pacific, six months after appointing Pete Gunning to the role.
