Russell chooses netwealth
Platform provider, netwealth has launched a key partnership with Russell Investments which will see it providing platform services to investors and members of the newly-created Russell Investments – Wealth and Super Series.
The two companies confirmed that as part of the agreement, Netwealth would migrate more than $850 million across to the new platform offering, including $200 million which had already been transitioned.
The announcement said Russell Investments would remain the investment manager of the assets on the new platform which would also provide advisers and their end clients with access to term deposits, an integrated cash option and multiple insurance options.
Commenting on the arrangement, Russell Investment Private Client Services managing director, Siva Sivakumaran said the company’s decision had been largely driven by adviser feedback.
“Independent financial advisers have a very high regard for the range of multi-asset solutions offered by Russell Investments but we needed to make it easier for advisers to do business with us,” he said.
Russell Investments said it had communicated with the 1,500 individual investors moving across to the new platform with the transition of assets expected to occur on or around 1 April.
Recommended for you
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
