The Commonwealth Bank owned Symetry Portfolio Service platform is about to become the main administration platform for the financial services company, Snowball Group.
The announcement came as Snowball and Colonial First State (CFS) Custom Solutions entered into a strategic portfolio administration partnership, in which the two companies would also work on the development of the Symetry platform.
Symetry is managed by CFS and has a total of $1.8 billion in funds under administration, 50 per cent of which are represented by Snowball’s advice businesses.
Snowball managing director, Tony McDonald, said this partnership and the transaction were absolutely driven by what the company sees as fundamental changes in consumer preferences.
“[The] Consumer is looking for effectively greater value, transparency, more flexibility and options within their portfolios, such as direct shares and exchange traded funds,” McDonald said.
“We’ll be working very closely will Symetry on making sure that this particular wrap meets those needs,” he added.
In its announcement to the Australian Stock Exchange, Snowball noted the partnership and enhanced solution would operate alongside Snowball’s existing platform relationships and solutions.
Snowball also acquired revenue rights in relation to the Symetry platform.
