By Jason Spits
Investmentplatform providerSymetryhas opened its third ownership sharing plan to advisers, offering an equity stake to more dealer groups.
Symetry chief executive Don Clifton says the move is part of the group’s established business model that is based on dealers being able to participate in the platform’s business, through ownership stakes, with collective contributions to what the platform should pursue in its service delivery.
“Our dealership ownership model gives dealers a high degree of input over the platform framework they use to manage their businesses and their client portfolios. It also allows them to broaden their business base through equity participation in the platform they use,” Clifton says.
Symetry’s previous share ownership plans have been part of a greater push by the group to be two-thirds owned by advisers. The first plan ran from June 1996 to March 1999, while the second ran from July 1999 to June 2003 at which time the group was able to buy back the stake held byPerpetualTrustees since 1999.
The third plan will allow dealers to buy shares in Symetry every year until June 2007, with shares available through a three year instalment plan.
The widening of ownership among advisers who use the platform follows on from Symetry moving its back-office administration in-house, switching fromAXA’s Assure to a system provided byAvanteos.
