Publicly-listed financial services group, Centrepoint Alliance is to acquire financial planning software provider, Enzumo for $1.5 million in cash.
Centrepoint announced the transaction to the Australian Securities Exchange (ASX) today stating that acquiring Enzumo represented the latest step in Centrepoint’s strategic refresh and would accelerate the company’s development of a scalable, recurring fee-based revenue model.
Enzumo is currently owned by Chant West Holdings.
The company announcement to the Australian Securities Exchange (ASX) said Enzumo’s offerings were highly complementary to Centrepoint Alliance’s advice services business, bringing a new and highly valued extension to the company’s offering to financial advisers.
Comments
Given its Chant West origins, does this software classify any investment portfolio with up to 92% growth assets as "Balanced"?
I think you will find Chant West's "Balanced" category is 40 - 60% in growth assets. Chant West doesn't determine what assets within the fund or growth or defensive, that is the fund and the asset consultants that determine that. Chant West collects the data and reports it.
So if a fund has 92% growth assets and deliberately mislabels 32% of them as "defensive" they can end up in Chant West's "Balanced" category as the top performing fund. They can then pay Chant West a handsome licensing fee to use that accolade in their advertising. Totally dodgy.
Chant West doesn't get paid by funds to advertise that they are a "top performing fund" but keep believing whatever you want if it fits your narrative.
They do pay to advertise the rating and awards, neither of which are based on where they place in a league table.
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