FIIG Securities launches managed accounts service for bonds
Fixed income broker, FIIG Securities, has launched a managed accounts service for bonds, allowing investors to combine insight from fund managers with direct bond ownership.
Currently, FIIG has more than $11 billion in term deposits and corporate bonds under advice in its short-term money market, bonds and custody business.
FIIG chief executive, Mark Paton, said the new managed income portfolio service (MIPS) would appeal to all investors but especially private investors, financial planners and not-for-profit clients.
"Direct ownership of bonds has many advantages over buying them indirectly through a bond fund but until now it was a bit more work, especially for financial planners who were overseeing multiple portfolios," Mr Paton said.
"This new MIPS service changes all that, because the investor just has to set the investment mandate and our fund manager will manage the portfolio for them."
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
