St George plans to add gearing to its investors SMSF product, giving them access to buy both commercial and residential property.
Financial services group St George plans to add gearing to its investors self-managed superannuation fund (SMSF), which will allow them to purchase commercial and residential property.
Asgard is also planning a super gearing solution for more than 500 managed funds on its eWrap platform.
"Gearing in super represents a fundamental shift in how investors can prepare for their retirement and is especially significant for those who face a retirement savings gap," Asgard Wealth Management chief executive Geoff Lloyd said.
The offering is a joint initiative between Asgard Wealth Solutions and St George's Institutional and Business Bank (IBB).
The offering is Asgard's second push into the SMSF area in the space of a month.
Earlier this month, Asgard entered into an agreement with Smartsuper to provide administration services for SMSF clients within its eWrap platform product.
Prior to the deal, Asgard was providing its own administrative function through Superlink.
The administrative option will now be more robust for Asgard clients, Smartsuper chief executive Andrew Bloore said.
"Our role is much more around helping trustees understand what they need to do to carry out all their obligations, like preparing the minutes for transactions, monitoring their investment strategies and making sure they adhere to the things they need to," Bloore said.
The revamped facility will be available from July 2008.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
A former colleague of mine once offered the opinion that industry superannuation funds are reconstructed socialists - despite their union influence, these funds have grown and benefited from a global capitalist world.... read more »
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