Some areas of the financial services industry are sluggish, monopolised and wide open for attack, according to Wizard executive chairman Mark Bouris.
Some areas of the financial services industry are sluggish, monopolised and wide open for attack, according to Wizard executive chairman Mark Bouris.
His comments come as Wizard Financial Services Group launched their Money Wizard Cash Management Trust after striking a deal with Permanent Trustees.
In the two weeks the trust has been receiving funds Bouris says it has already received over $20 million, proof that people were more interested in products which competed on price.
“Our large member base wanted a cash management trust and it is easy to introduce pricing which allows the introduction and build up of such a product,” Bouris says.
The trust is not a rebadged product but rather the result of a strategic partnership between the two groups with Money Wizard investing in Permanent’s At Call Fund which has more than $250 million under management.
The relationship, Bouris says, is beneficial as Permanent are well known for trustee and treasury roles while Wizard has brand presence and an expanding distribution network.
Bouris says the cash management trust is only the first in a line of other investment products Wizard intends to introduce in the near future, however the group is remaining tight-lipped on the nature of these products.
Wizard is looking at releasing liability products and investment products linked to management and treasury style companies in the near future.
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