Colonial First State (CFS) will offer a new separately managed account (SMA), managed by Atrium Investment Management, following a tender process.
As part of the agreement with Atrium, CFS will deliver an SMA to a number of clients, including Fitzpatricks Private Wealth and the Moneywise Group.
Atrium chief executive Alex Hone said the SMA platform solution was made available on 1 September 2016.
CFS executive general manager Linda Elkins added that the business strategies of Atrium and CFS are closely aligned.
"Atrium’s decision to select CFS validates our strong strategic focus on supporting the non-aligned financial advice market," Ms Elkins said.
"It also supports our continued investment in our managed account capability, in which CFS already has more than $5 billion in funds under administration."
Fitzpatricks group managing director John McMurdo also noted: "As a private wealth business, we had strong demand from advisers to offer a high quality SMA solution via the CFS wrap platform. The selection of a quality group like CFS has been very well received by our advisers."
The wealth platform provider has posted a 108 per cent increase in total funds under administration to $16.1 billion over the year to 30 Jun...
Powerwrap has had their best quarter yet thanks in part to advisers looking for products and platforms that are unaligned with the big bank...
A new report has found that banks view big tech firms like Facebook and Apple as a bigger threat to the banking system than neobanks. ...