Change in store for Summit
TheAXAownedSummitmaster trust has adjusted its investment manager weightings and launched a suite of new products and services.
The changes to the Summit platform involve a full investment review and re-balancing of the mix and style of investment options for Summit Select, Summit’s multi manager product.
International fixed interest manager, Pimco Global, has been added to the Summit Select range, as has the Australian equities manager Investors Mutual, who’s weighting will be progressively increased to 15 per cent.
The weighting of Colonial First State will be reduced from 33 per cent to 30 per cent and Merrill Lynch from 33 per cent to 20 per cent, while Perpetual’s weighting will be increased from 33 per cent to 35 per cent.
Summit general manager portfolio administration services Annette King says the changes to Summit Select are part of a program to boost risk adjusted returns after fees.
“The consensus is that single digit returns will remain for about the next two years, so there is a clear need to seek options designed to improve post-fee returns,” she says.
AXA has also introduced online tools to Summit aimed at reducing the time spent by advisers reviewing client portfolios and developing financial plans.
According to King the changes are a response to advisers seeking ways to reduce the time spent on basic administration and review tasks, to increase quality time spent on client discussions, investment strategy and business marketing.
“This has meant adding to the core features of the platform such as product portfolios and streamlined administration, with the main focus on online tools for advisers,” King says.
The changes follow two major reviews of Summit earlier this year by the van Eyk research group.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
