By Jason Spits
SMFFunds Managementhas surpassed $2 billion in funds under management (FUM) and has in excess of 100,000 members investing in the group.
The increase in both FUM and member numbers follows SMF’s recent purchase of a segment ofMellon’s FutureLink Master Trust, which boosted the group’s FUM by $100 million and brought in 100 corporate superannuation funds.
SMF managing director Chris Kelaher says the $100 million injection was important, but the group had also benefited from favourable market conditions, although he adds that SMF will continue to look at acquisitions to boost FUM further.
Late last year, SMF picked up Lynchpin Financial Services as part of a strategy to boost distribution through either acquisition or alliance partnerships.
SMF also established an administration support service — Sentinel Adviser Services — for those advisers it has a relationship with. It has a Hobart-based administration business with more than $1 billion of funds under administration.
The group offers investments through four platforms and distributes these via Lynchpin and a number of independent advisers. The group also fully owns asset manager, United Funds Management, which has over $1 billion in funds under management.
