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APIR Systems is extending its coding system to separately managed accounts (SMAs).
“SMAs and their models have less structure than we see in funds and proliferate through white labelling so it has been a major exercise for us, but I think the effort will be a worthwhile contribution to the industry,” said APIR managing director Andy Hutchings Broso.
The head of strategic developments at APIR, Bob Luff, said that SMAs were gaining traction in the market and needed identification.
Damian Holland, a director of the Institute of Managed Account Providers, said the new APIR coding of SMAs would help simplify the distribution and processing of accurate information about the accounts.
APIR issues codes to fund managers, trustees and financial products in the Australian market.
