Prime Value finds platform homes
Boutique Australian equity manager Prime Value has secured its first listings on two retail platforms.
The fund manager, which was a finalist in both the Australian equities and rising star categories of this year’s Money Management Fund Manager of the Year awards, has been listed on the BT Wrap and PremiumChoice platforms, and Prime senior investment analyst Fiona Clark said there were already significant inflows in the first week.
“We wanted to make the funds available to a wider range of advisers by using platforms,” she said.
“Another reason for getting on platforms was to build the funds under management to a level of operating profitability and efficiency.”
Prime currently has $90 million funds under management and is looking to achieve a target of between $400 to $500 million.
The fund manager is seeking to be listed on a couple of more platforms with discussions underway with Macquarie and Asgard.
Clark confirmed the fund manger didn’t want to be on every platform as it is not chasing funds under management beyond the existing target.
In a linked move, Prime has created a new class of units for retail investors that reduce overall management expense ratios by 20 basis points when accessed through a platform.
The move comes as advisers expressed concern about the additional costs associated with using platforms and additional pressure being placed on them by clients in the midst of the super choice debate.
Prime’s latest product disclosure statement issued this month lists the two classes of units for direct and platform investors.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
