Perpetual enhances wrap service
Perpetual has completed the revamp of its portfolio wrap service, which forms part of the company’s Transformation 2015 program as it seeks to reduce costs.
Perpetual announced the appointment of Macquarie Investment Management Limited to oversee the portfolio and fiduciary administration services for clients of Perpetual Private in October 2011.
The first part of the external administration project saw a superannuation wrap offering launched in April 2012.
Perpetual chief executive Geoff Lloyd said the use of an external administrator provides Perpetual with “instant access to increased scale”, rather than incurring “significant and continued maintenance and development [costs] ourselves”.
“Combining this increased focus on our core competencies with the greater functionality of the new solution supports our objective to provide a better service to clients and take advantage of improving conditions to grow our advice business,” he said.
The new Perpetual Private portfolio wrap service will also offer “sophisticated web-based reporting and self-service capabilities,” according to a Perpetual statement.
Perpetual Private group executive Mark Smith said the roll-out of the new service would equip Perpetual with a scalable, purpose-built platform solution to target the high-net-wealth segment.
“Existing and potential clients will note the exceptional depth of service the platform can provide. They will also be attracted by the increased advice time made possible by giving our advisers the tools to reduce their administrative burden,” said Smith.
Recommended for you
Equity Trustees has paid three infringement notices issued by ASIC in which the corporate regulator alleged it made misleading statement about investments in a sustainable bond fund.
Only three active asset managers are forecast to see positive flows through to FY29, according to Morningstar, with those focused on specialist fixed income in the best position as investors move to defensive asset allocations.
Platinum Asset Management has provided an update on the possibility of a merger with asset manager L1 Capital following a period of due diligence.
Fund manager Pacific Current has appointed a former superannuation chief executive as its newest chair, succeeding Tony Robinson who departs after almost a decade to focus on his role at COG Financial.
