Symetry sets sights on $1 billion
Symetry, the portfolio administration service supplier, has signed up two more dealer groups to its master trust and wrap platform service this year as it moves to a target of $1 billion in funds under management.
The two additions brings the total number of dealer groups using the service to 20, a sizeable increase on the eight involved in 1999 whenPerpetual Trusteestook an interest in the group.
Since that time funds under management have risen from $260 million to $760 million and general manager Don Clifton has indicated the group should pass the $1 billion mark later this year, possibly as early as the end of the financial year.
Symetry has already experienced a large increase in funds under management with the figure growing by $230 million in the last 12 months alone, according to Clifton.
Clifton says the driver for the funds flow is the equity plan the group offers as well as the portfolio administration services and says there are further expansion plans on the table including the roll out of new services.
“Symetry has a range of initiatives on the agenda for the current year, including the finalisation of a new ongoing equity participation plan for dealer groups. This will ensure that Symetry’s business focus remains on the needs of the dealers and advisers who use its services,” Clifton says.
The addition of the new dealer groups and the push to break the $1 billion follows the roll out of a series of fund-of-funds investment products late last year.
The series of funds, labelled the Pinnacle Investment Trust brand, are offered in addition to the 100 or so single manager funds available through Symetry.
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Jason Spits
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