DomaCom has announced that Perpetual will act as a Responsible Entity and Custodian for its new fractional property investment platform.
DomaCom is looking to launch the platform in the second half of this year and requires a Responsible Entity in order to apply for an Australian Financial Services Licence with the Australian Securities and Investments Commission (ASIC).
"We're at quite an advanced stage now in preparing all the documentation and part of the final bit before we could lodge with ASIC was signing up Perpetual," DomaCom chief executive Arthur Naoumidis told InvestorDaily.
"We were very pleased last week when after quite a lengthy process of looking at our business model we've got them on board."
Mr Naoumidis said that DomaCom's property investment solution is unlike current products on the market and will appeal both to the self-managed super fund market and other long-term investors.
While the product is not yet on the market, Mr Naoumidis said DomaCom already has a number of accountants and planners signed as foundation clients.
"It's definitely a product that will meet a particular need, which is the asset allocation requirement for direct property and it will meet this need in a way that provides liquidity," Mr Naoumidis said.
"Given that what we're creating is one of the biggest innovations in fund management for at least a decade, I think it should speak for itself that someone of Perpetual's stature has agreed to partner with us and that they're going to be the one lodging on our behalf to ASIC for our fund."
