New blood at Advance bolsters FUM
Advance Funds Management’s recent run of distribution appointments has assisted the group in boosting its funds under management to over $3.5 billion.
Advance says the growth in funds is due to its rapid growth strategy at the hands of these individuals, which has seen it increase representation on platforms includingBT,Count,SynergyandMercerin recent months.
Just last week, Advance appointed ex-INGmanager employer super Sue Mieog as its new head of product, with the group claiming she would help to offer differentiated solutions over commoditised offerings.
Tom Kneen, who was appointed as head of distribution in May, and ex-Sealcorp marketing director Kate Mulligan, now Advance managing director, have also been key drivers of business.
Advance has also increased its business development manager numbers by 20 per cent, with appointments in Western Australia and Victoria and more to follow in Queensland and NSW.
Advance says the popularity of its products, such as the Advance Property Securities Fund, International Sharemarket Fund and Allocated Pension product, have also aided growth.
Several years ago the group’s old listed property fund was taken over resulting in a large decrease in the manager’s FUM figure of $3 billion at the time, leading to market perception Advance was haemorrhaging money.
The group has spent the time between then and now building its funds figure, with the $3.5 billion in current funds surpassing its previous peak amount of FUM.
Mulligan says the group’s focus on its ‘manage the manager’ business model is providing growth for both Advance and its business partners.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
