IOOF improves PMS
IOOF group company, Australian Executor Trustees has announced changes to its asset administration offering, Portfolio Management Service (PMS).
It said the changes were designed to meet the investment behaviour of clients.
The company said greater flexibility had been built into the PMS product that gave clients the choice of two investment menus - either an unrestricted menu, for clients wanting more investment choice, or a more select menu.
"Regardless of the choice they make, clients receive a comprehensive administration, reporting and record-keeping facility to manage their investments," the company said in its announcement.
It said that, in addition, clients could select their method of investment ownership - either in their own name or in custody, and that the administration fee new clients were charged would depend on the choices they made.
Commenting on the changes, David Storm, head of distribution, superannuation at Australian Executor Trustees said, "Consistent with current market trends, [Australian Executor Trustees] has created a menu that allows advisers to host direct ASX assets in custody at a reduced fee of 35 basis points, with the additional capability to create diversified portfolios utilising IOOF's MultiMix range of investments."
"While we have looked to adopt a user-pays model for PMS, we have retained the best elements of our existing offer - a reporting capability on any asset in the client's own name or in custody," he said.
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