InvestSense grows FUM 40%
Managed accounts provider, InvestSense, has seen its funds under management (FUM) grow over 40 per cent, and announced the appointment of Paul Carrington to help manage the growth of the firm.
InvestSense director, Fil Andronaco, says the increase in FUM was largely driven by industry wide demand for managed accounts as advisers move away from traditional managed fund solutions.
“One of the key drivers of growth for the firm is the migration to managed accounts by the financial adviser community,” said Andronaco.
In response to the increased growth, Carrington, who has over 30 years’ experience in the financial advice sector, to the newly-created role of director, head of adviser solutions.
“Paul’s first-hand experience and depth of knowledge in financial advice will be invaluable for our clients, as well as for driving further growth in our bespoke managed accounts offering,” said Andronaco.
Commenting on his appointment, Carrington said he long believed managed accounts would play an increasingly important role in the future of the financial advice industry.
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
