BlackRock SMA service reaches $500 million
BlackRock’s customised separately managed account (SMA) service has reached $500 million in funds under administration (FUA).
BlackRock director and head of retail Scott Phillips said the company’s customised portfolio service had reached the $500 million milestone with over 4,500 accounts in less than five years.
“The strength in inflows can be attributed to the strong support of the product from the market, despite the effects of the global financial crisis over the last two years,” he said. He added that the advantages of retaining ownership of shares, as well as tax advantages, were key factors attributing to the growth.
“Growth has primarily been driven by adviser and investor demand for a low-cost portfolio solution that is simple, transparent and flexible. With the continued growth of the service, BlackRock is committed to re-investing back into the business to develop new, market-leading functionality for our clients,” he added.
Phillips also announced the promotion of James Langlands to co-head of BlackRock’s customised portfolio service responsible for distribution, alongside Rob Dixon.
The BlackRock customised portfolio service currently has 84 investment models available across 34 separate Product Disclosure Statements. This includes those issued under branding agreements with some of Australia’s leading financial planning dealer groups, the company said.
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