Grove Financial Services has launched a new online wrap service targeted at non-superannuation institutional investors.
Grove Portfolio On-Line, to be offered by Grove in conjunction with its administrator,Macquarie Portfolio Services, will gives clients access to a range of wholesale funds of Australian fund managers.
The service is designed to be a low-cost wrap for investors with a minimum portfolio of $2 million and minimum individual holding sizes of $500,000.
Fees, which will be reported monthly, will be charged based on a percentage of assets invested via the online wrap, and deducted by the administrator by redeeming units in the underlying funds. The company believes this is simpler than the traditional separate cash account for fee collection.
“Our existing clients have shown a great deal of interest in Grove Portfolio On-Line, so we realistically expect the service to grow to $1 billion under administration by the end of this financial year,” says Grove Financial Services director Janice Marshall.
Grove, an asset consultant to the wholesale non-superannuation sector, including local governments, friendly societies, health funds, charities and corporates, currently advises on more than $3 billion of assets primarily invested in a range of managed funds.
