Dealer group Futuro Financial Services has partnered with Investment Administration Services (IAS) to offer a new managed account service to its clients.
The offering, called Sterling, will provide access to top-rated investment managers across different asset classes and will be more streamlined than competing products because the investments will be owned directly by clients, Futuro said.
IAS designed and developed Sterling and will handle administration, monitor compliance and act as custodian.
Sterling will be responsible for appointing specialist managers to invest in Australian and international shares, term deposits, hybrids, bonds, listed property and alternative assets.
"Sterling is a bespoke service that will give access to best-of-breed managers," Futuro director of network services Paul Kelly said.
"We have engaged Zenith Investment Partners to structure the various investment options, so we are confident that we will be able to provide the very best choices.
"Our track record with Zenith has been excellent, with their model portfolios performing very well during the [global financial crisis] and in its aftermath."
Futuro expects to attract $60 million into Sterling by June 2011, mostly from high net worth clients and those with self-managed superannuation funds, Kelly said.
"Our planners, using Sterling, will be able to devise the right portfolio for clients based on their personal risk profile and circumstances," he said.
"Each client will have a separately managed account that they can access at any time they like, as will their advisers. Not only will this be less expensive than traditional master funds and unit trusts, but it will be more transparent, flexible and overcome tax problems that can trouble managed funds.
"This will also make it easier for financial planners to directly compete with stockbrokers for those clients wanting professionally managed direct equity portfolios."
Futuro has over $2 billion in funds under advice and over 90 authorised representatives.
