IMAP sets up MDA providers forum
The Institute of Managed Account Professionals (IMAP) has set up a sub-group to address the interests of Managed Discretionary Account (MDA) providers as it expects significant growth in MDA services.
The group’s aims to offer MDA providers an opportunity to share experiences and hold discussions about how to better engage with investment managers as sub-advisers and the potential benefits platforms and brokers could offer MDA providers.
The MDA providers’ forum would also be an invitation-only group for the businesses which hold an Australian financial services licence (AFSL) and the group would initially meet up to six times a year in Sydney and Melbourne.
The group is expected to commence this month in Sydney.
According to an IMAP study, MDA services exceeded $10 billion as of June 2016.
IMAP’s chair, Toby Potter, said: “The overall goal of the MDA forum is to ensure that clients’ interests are best served”.
“MDA providers have expressed enthusiasm for a forum that would support their common interests such as complying with the new MDA regulations, ensuring ASIC [Australian Securities and Investments Commission] understands their business models and encouraging wider understanding among advisers of the potential for MDA services,” he said.
IMAP also formed a leadership group to help develop the MDA providers’ forum, which would consist of the principals from a number of licensees:
- David Heather of Managed Accounts
- George Karantzias of Alpha Securities
- Richard Nicholas of Peak Investment Partners
- Nick Revis of Elston Asset Management
- Brett Sanders of Philo Capital
- Glenn Woolley of Intrinsic Investment Management
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Hope William-Smith
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