WEEKLY WRAP: Select builds strong momentum for CPS

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Select  builds strong momentum for CPS

Demand for simple, conflict free portfolio construction services has seen specialist investment management group Select Asset Management (Select) build strong momentum for its ‘FoFA ready’ Customised Portfolio Solutions (CPS).

Select has secured partnership agreements with several leading financial advisory firms and expects many more non-institutionally aligned licensees to be interested in its CPS. Gippsland, Victoria-based DMG Financial Planning Pty Limited* (DMG) has become the most recent firm to sign on for Select’s CPS.

Select Fund Services will be responsible entity to the DMG Diversified Portfolio, while Select Investment Partners will act as DMG’s asset consultant.  

The DMG announcement follows the launch of the Stonehouse Core Value Portfolio in February 2013.  Select’s CPS have also been in use by Profile Financial Services and MGD Wealth for over 2 years and 1 year respectively.  

Select CEO Brendan Foley said: “Select has pioneered a unique portfolio service built on our decade-long track record of investment management and administration excellence. Not only that, we are offering financial planning licensees a way to build viable business propositions based on the most scrupulous ‘best interest’ principles.” 

SPAA appoints new head of Educational Services

The SMSF Professionals’ Association of Australia (SPAA) has appointed Liz Ward its new head of Education Services.

SPAA CEO Andrea Slattery says: “There are a number of regulators’ registration requirements being introduced in 2013, and SPAA will build a wider education framework to address the needs of our members, ranging from occupation entry requirements, ongoing development or SMSF accreditation.

“To help meet this important educational need we have promoted Liz, who joined SPAA last year in the role of Education Manager. She brings with her a long and varied career after working for AMP as well as a consultant for the Financial Services Education Agency Australia.

“Liz has the right skill set for this demanding role, having the experience to identify needs and find education solutions for all our members.

“Certainly her time at AMP, as well as running her own business including working with ASIC, ideally equips her for this critical role at SPAA.

New partnership to distribute US funds to Australia inevestors

Australian global investment provider Certitude Global Investments and leading US investment manager, Columbia Management Investment Advisers, LLC's, announced an exclusive partnership to manage and distribute Columbia Management's funds to retail and wholesale investors in Australia and New Zealand.

The first product Certitude will bring to market is the Columbia Management Credit Fund which has been seeded by a prominent family office.

Columbia Management is one of the largest dedicated asset managers in the US and actively manages approximately US$341 billion in assets, including US$167 billion in global fixed income. Columbia Management is a wholly owned subsidiary of Ameriprise Financial, a leading US based firm with $708 billion in assets under management.

Certitude, a leading provider of global investment manager skill in Australia, will provide access to the Fund, to the local retail market including; research houses, platforms, dealer groups, financial advisers, family offices and multi-managers.

AMP announces national planning awards

AMP’s Charter Financial Planning has announced the recipients of two national financial planning awards, the Gerald Lippman Perpetual Trophy and the National Value of Advice Award.

Kym Thyer of KTA Financial Services was awarded the Gerald Lippman Perpetual Trophy and Shane Lenehan of Silvan Ridge Financial Services was recognised with the National Value of Advice Award.

Charter Financial Planning managing director Kevin Stone said the awards present an opportunity to reflect on the valued partnerships financial planners form with their clients.

“Recognising advisers in this way acknowledges the passion and commitment they show in helping their clients navigate through life’s financial journey.”

AMP released half-year report

AMP Limited reported cash-flows for AMP Financial Services (AFS) and AMP Group assets under management (AUM) for the first quarter to 31 March 2013.

AFS net cash-flows were $95 million for the quarter, a $387m turnaround on Q1 12, which had a net outflow of $292m.

The growth in AFS cash-flows in the quarter was the result of a strong performance by its retail business on AMP platforms with $391m net cash-flows compared to outflows of $45m in Q1 12, and strong flows into AMP SMSF which was established in June 2012.

Total Australian wealth management AUM at 31 March 2013 was $89.8b, up 4.8% on Q4 12.  AMP Capital AUM was $130.7b, up 1.6% on the previous quarter. 

New firm to join Omniwealth Services

Omniwealth Services has announced that North Shore advisory firm, COOPERBARBER has recently joined them.

Principal, Steve Cooper, made the move to Omniwealth because he said it was the only dealer group that was fully licensed (AFSL, ACL & Real Estate License) and had an APL for direct investments that included equities and direct residential property, as well as having significant and genuine ‘Business to Business’ support.

“In recent years my clients have become more familiar with the investment options that are now available to them. As their adviser it’s my responsibility to deliver the appropriate investment solutions so the client can achieve their goals.

“Omniwealth Services allows me to deliver those solutions, which include direct equities (MDA, model portfolios) and direct residential property(with APL) as well as offering me significant & genuine business to business support, which is paramount to my success” COOPERBARBER principal Steve Cooper said.

Daniel Needham promoted to global chief investment officer of Morningstar Investment Management

Ibbotson Associates Australia, a unit of Morningstar's Investment Management division, today announced that Daniel Needham, CFA, has been appointed global chief investment officer of Morningstar Investment Management, and Chris Galloway, CFA, has been appointed managing director of Ibbotson Associates Australia. Both report to Thomas Idzorek, president of Morningstar Investment Management.

"For the past several years, we've been working to unite our investment professionals around the world," Idzorek said. "Daniel's promotion highlights his investment management expertise, the strength of our team in Australia, and his efforts to successfully integrate our Australian investment management operations into our Investment Management group. Chris' promotion reflects his demonstrated capability in development of business strategy and management of delivery of investment outcomes and services to clients."

New head of Product and Distribution at HUB24

Senior platform industry executive Wes Gillett has joined HUB24 as head of Product and Distribution to further reposition the listed platform business to leverage its leading investment and superannuation platform for financial planning firms.

“Wes brings 25 years industry experience and a wealth of knowledge in the retail and institutional platform distribution space, and we are delighted he has joined us at a time of significant change and opportunity” said acting CEO Jason Entwistle.

Gillett has a strong track record in delivering growth in Funds Under Administration after leading ASGARD Wealth Solutions white label platform business through dealers and institutions, before managing sales teams at ING Australia, Skandia, KPMG and FuturePlus.

HUB24 has rated well in recent industry reviews around nimble functionality development and service, and continues its steady growth trajectory.  Gillett will focus efforts on the non-aligned dealer market looking for best of breed functionality and competitive pricing

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