FSP Group unveils new funds management firm
FinancialServices Partners will rebrand as FSP Group and launch a new funds management firm — FSP Funds Management — over the next month. The mergedNOW SecuritiesandInscorp Financial Servicesdealer groups, which FSP owns 50 per cent off both, will adopt the now defunct Financial Services Partners brand.
The fledgling funds management firm adds to the group’s suite of product and service offerings, however, FSP Group managing director Robert Swill does not reveal specific details of how the new investment firm will fit into the group’s structure as “there are still a number of issues to be finalised”.
However, he does reveal that FSP Group will act as the holding company for all affiliated businesses, which includes FSP Super and FSP Portfolio — a master trust and investor directed portfolio service product respectively with combined funds under management of $225 million.
The group also has 300 advisers and in excess of $2.5 billion in funds under advice, Swill says.
“Financial Services Partners is set to change its name to the FSP Group to recognise the broad scope of its involvement across distribution and product companies,” Swill says.
FSP Group is owned by a mixture of institutions and executives of the group, Swill says.
FSP has held a 50 per cent stake in Financial Services Partners (the merged NOW and Inscorp businesses) since the late 1990s, with advisers accounting for the remaining 50 per cent.
FSP also has a respective 50 and 20 per cent stake in small dealer groups Vector and Kingston.
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