Stockford outsources to Asgard
Sealcorp has won the contract to supply the master trust platform to accounting and financial planning consolidator Stockford.
Stockford general manager Mark Rantall says the sealcorp owned Asgard platform won out against nine other contenders.
“Asgard offers a wide range of benefits to our clients, including access to premium fund managers, ease of operation through wholesale fund offerings, regular reporting, the ability to change investments and diversification of product.”
Rantall says the Asgard platform would increase Stockford revenue by putting more products under a wrap style business. Stockford has more than $2.8 billion under advice.
Recently it suffered a drastic fall in its share price when it announced a second profit downgrade in the two months to July. Stockford’s shareprice plummeted 42 per cent on July 18 to $0.84, after reaching a high of $2.15 in January. Today, Stockford shares are trading at $0.48.
Rantall believes that owning the master fund and wrap while outsourcing the administration to Sealcorp will “provide significant growth in capital value of Stockford”.
Sealcorp’s associate director, institutional business services, Wes Gillett says Sealcorp is increasing its foothold in the institutional sector.
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