Since April, BT Wrap has taken $1 billion through more than 5500 term deposit applications.
BT Wrap has taken $1 billion in term deposit applications since its launch in April this year, the company has announced.
"Since launching the 90, 180 and 365 day term deposits, and more recently the two-year option, we have received more than 5500 applications from almost half the wrap's advisers," BT head of wrap and investment solutions Chris Freeman said.
Around one third of term deposit funds came in as new money, with investors switching from other asset classes making up the remainder, such as Australian Fixed Interest and International Fixed Interest, he said.
"Over the past four months we have... delivered enhancements to the offering, such as automated alerts to help advisers track and manage their clients' term deposits," Freeman said.
"BT Wrap is about providing investors a full suite of investment options - from managed funds and equities, gearing options and now, through term deposits, traditional bank products.
"It is about making sure our investors can structure their portfolio through the one platform to take advantage of any market turnaround," he said.
Term deposits, which are provided by BT's parent company, Westpac bank, require a minimum investment of $75,000.
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.
Since last month's issue, newspaper headlines have continued to scream out doom and gloom about the current markets, among them "Super losses", "Savage write-offs" and "More bad news".... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
Catholics revamp fixed interest »
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Mercer backs alternatives »
Mercer has awarded $34.15 million in mandates to Tactical Global Management (TGM) and Lazard Asset Management to invest in alternative assets.
It is a belief of some planners that ASIC lost the opportunity to make inroads into the licensing of planners eight to 10 years ago when it was just getting on its feet.... read more »
