Private Label service
Only weeks after announcing the formation of his new financial services group, Beacon Investment Management Services, managing director Kevin Wyld has signed the group up with Sealcorp's Private Label Service.
Only weeks after announcing the formation of his new financial services group, Beacon Investment Management Services, managing director Kevin Wyld has signed the group up with Sealcorp's Private Label Service.
The service, managed by Sealcorp subsidiary Asgard, assists financial institutions in building their own brand across a range of individually managed products which allows flexibility in pricing, account structures and investment management.
The service will involve clients outsourcing some functions and facilities to Asgard while using Sealcorp's online capabilities to provide consolidated reporting and administration of client's wholesale, retail and direct investments.
Beacon managing director Kevin Wyld says the joint venture was driven by Sealcorp's status as an industry leader in master trust and electronic back office support.
"Sealcorp have one of the best administration systems available and are well advanced in development of new products and we plan to grow with them."
"We can access these products as well as our own which will be included in their reporting service which gives us a complete wrap style service on a master trust basis," Wyld says.
Sealcorp Private Label Service manager Wes Gillett says the service concentrates on own-ership of products by the distributors.
"We leverage off Sealcorp's system in developing a seamless branding for the private label customer. This constitutes a wholesaling of back office services to groups with substantial distribution capacity," Gillett says.
The service will offer two types of master funds, investor discretionary and model choice.
The former is an administration and reporting service which allows investors to choose, with the assistance of a planner, from a list of about 90, primarily wholesale, investment products.
In the latter the financial group offers a number of investment options and then chooses several underlying investment managers in a funds of funds style.
Beacon plans to use the service for its three branded funds, the Beacon Superannuation Fund, Beacon Allocated Pension Fund and Beacon Investment Fund and joins Hillross Fi-nancial Services and Suncorp (Metway Life and Super) who have already taken up the service.
AUTHOR
Jason Spits
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