MasterKey Custom hits $10 billion

In the past three years MLC’s platform, MasterKey Custom, has doubled its funds under administration, hitting the $10 billion mark.

MLC said the major driver in the platform’s growth has been the success of the group’s MasterKey Custom Self-Managed Super Fund (SMSF), which has experienced close to 40 per cent growth in the past two years.

“MLC’s SMSF offer is one of the most flexible on the market, enabling professional service providers including financial planners, accountants and lawyers, to access the information they need to manage the fund, whether they be using a complete outsource model or part in-source/outsource model,” head of MasterKey Custom David Wappett said.

“We constantly enhance the features of our SMSF offer with the two latest improvements being the ability to download fund information directly from MasterKey Custom online to BGL Simple Fund accounting software and a trust deed service.”

Wappett said as part of the new features, accountants can now download data files from MLC’s website that contain all transaction details for self-managed super clients who invest through the MasterKey Custom Investment Service (MKCIS). He said the investment service prevents accountants from having to manually re-enter clients’ transactions.

“MLC’s MKCIS has also introduced a new trust deed facility to use with SMSFs. This allows SMSFs to use a trust deed provided by a specialist law firm, while managing the other self-managed super fund obligations outside MasterKey Custom,” Wappett said.

“Coming down the pipeline are further enhancements including a state-of-the-art solution for direct equities and an overhaul of our adviser and client reporting capabilities,” he said.

In March 2007, MLC introduced a number of pricing changes across the broader MasterKey Custom platform to reduce administration costs to clients.

MasterKey Custom is MLC’s fully discretionary platform that provides a premium solution for clients with diverse investment needs and want to be involved with their planner in the management of their investment portfolio.

The MasterKey Custom products and services include MasterKey Custom Superannuation, the MasterKey Custom Investment Service and MasterKey Custom Self Managed Super.