Perth firm signs on MDA service
Perth-based self-licensed advisory firm, Knight Financial Advisors, has partnered with listed managed account operator, Managed Accounts Holdings (MGP) to launch a managed discretionary account (MDA) service, which will see up to $300 million transitioned to the service.
The practice partnered with MGP subsidiary, managedaccounts.com.au late last year to build a solution that would minimise manual administration and allow four advisers to spend more time with clients.
The service would replace the licensee's proprietary investment administration system.
MGP chief executive, David Heather, said the Knight managed account service, which went live in April, increased the number of MGP services in the market to 41, with the group set to grow to between 45 and 50 by the end of the financial year.
"Knight now has the ability to manage client portfolios with discretion, execute trades across their client base through a panel of brokers selected by Knight, and where they see fit, outsource portfolio management of selected asset classes to external managers," Heather said.
Knight Financial has also developed an investment and corporate governance framework, with independent consultant, and DFS Portfolio Solutions' head of research, Stephen Romic, joining the firm's investment committee to provide input into portfolio construction and asset allocation.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
