AMP’s advisers to use Asgard for e-wrap

AMPAustralian Financial Services has selectedAsgardas the service provider for its e-wrap platform following an extensive due diligence process of potential providers.

The wealth manager has entered exclusive negotiations with Asgard, and plans to develop new wrap products on the platform for each of its dealer groups.

Competition from the likes ofBTWrap and Asgard’s own products had put pressure on AMP to boost its wrap offering, AMP spokesperson Mike Smith says.

He says that while AMP may be strong in the master trust arena, the wrap service appeals to a certain type of investor, and the ability to build appropriate products tailored to the clients of each dealer group is a huge boost to business.

AMP chose Asgard after an extensive review of other platforms available within the market, according to Steve Helmich, director of advice-based distribution.

He says they selected Asgard because of its flexibility, functionality, the control AMP could exercise on product development, and the Asgard’s dealer group operational and reporting support.

Sealcorp chief executive Ian Knox says the partnership will combine the distribution power of AMP with the administrative capability of Asgard.

The proposed new wrap products are intended to complement AMP’s existing range of retail master trust products, the Flexible Lifetime master trust, including Flexible Lifetime Allocated Pension, and PortfolioCare master trust.