PIS rolls out master trust with promise not to poach funds
Professional Investment Services (PIS) will launch its own master trust but denies it will cannibalise funds from other products on the dealer group’s approved list.
Norwich’s Navigator is seen to be the must vulnerable,Money Managementunderstands, despite denials from PIS that no funds are to be moved.
PIS chief executive Robbie Bennetts says the new trust, called Mentor Investment Services, is only meeting a demand from its advisers.
“This product, along with other master trust platforms on the group’s approved list, will compete for a share of the fund’s inflow. It is all about choice and options,” he says.
PIS has about $1 billion of funds under advice with Navigator and in a curious twist, Norwich owns 6 per cent of PIS.
A spokesperson for Norwich Australia says they were aware of the PIS moves but were not overly concerned.
“We have been aware of the development of the master trust through our close relationship with PIS, but we are confident Navigator will prove itself to be the superior product.”
Advisers using Mentor will be given equity ownership, although PIS marketing manager Nicole Kern was unwilling to reveal the structure being proposed. Currently PIS owns 100 per cent of Mentor.
“We are taking the equity ownership structure around our professional development days (this month) for advisers for their comments,” Kern says.
No managers on Mentor have been revealed, although Kern confirmed some had been appointed.
“We will be offering the full spectrum of investment options on our own platform, but we cannot confirm any details at present,” she says.
PIS has also confirmed that it will not be charging fund mangers to go on the approved list of Mentor.
The back office administration has been outsourced to Oasis Asset Management, which provides a similar service to Australian Financial Services.
Oasis will provide trustee and IDPS operator services, client advisory services, fund administration and the Mentor internet portal, says managing director Bruce Tustin.
“Oasis is focussed exclusively on providing customised products and full client service and administration support to our dealer clients. Our aim is to be the dominant provider of back office services supporting this new direction,” he says.
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