PORTFOLIO management service providerSymetrywill stop usingAXA’s Assure master trust for its back-office administration and bring the work in-house, using a technology system provided byAvanteos.
Symetry chief executive Don Clifton says under the new arrangements, Avanteos will only take on the role of providing technology for Symetry, which will become the recognised administrator for the investments held through the group.
The shift away from Assure follows a restructuring within Symetry earlier this year that split the company’s operations into three main areas — finance and operations services, risk management, and business development, each headed by a general manager.
Clifton says the group has been in operation for 10 years and felt that it had built sufficient scale and experience to bring the administrative work back into the company.
At present, Symetry has $900 million in funds under management and has boosted staff numbers from 16 to 26 to cope with the new workload.
Symetry has also made a number of appointments in the new administration function, including Pat Toffoli as administration manager.
“We are now of a size where we can take new initiatives to further improve our services to dealers and advisers in keeping with our established business model,” he says.
Clifton says Symetry aims to address the issue of holistic portfolio management, and the use of a wrap or master trust is not the aim, but rather advisers are looking for systems that will supply better client support and service.
The provider is now supported by 20 dealer groups with just under $900 million in funds under management, having grown from eight dealer groups with $250 million under management in 1999.
