Former InvestorWeb execs to model portfolios
Former InvestorWeb executives Toby Potter and Paul Collins have turned up at Model Portfolios, a new administration service for individually managed accounts.
Potter, InvestorWeb’s chief operating officer until 2003, said Model Portfolios would provide advisers with “managed discretionary accounts”, which he describes as “IMAs [individually managed accounts] with better administration”.
Potter will be chief executive of the new venture, whose other full-time staff member for now is Gary Angel, the former Commonwealth Bank securities custody boss who will head Model Portfolios’ operations.
Both are shareholders in the venture, along with Collins, the InvestorWeb co-founder who left the business in December; Chris Lavers, who recently sold his share of Neville Ward Direct; and Rob McGregor, who once worked with Potter at Morningstar and now provides investment consulting to dealer groups including Bongiorno and Matrix.
Model Portfolios will use FMCSuite as its software platform, for a service which Potter said could efficiently implement a large number of IMAs using block trades, while still providing individual portfolio details to clients’ desktops.
A panel of funds managers and brokers are now being selected to underlie Model Portfolios’ options, which Potter said would be available in June.
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.
