Administration systems: Who's got wha g
Good Returns presents its first survey of administration systems.
Thursday, June 10th 1999, 12:00AM
As an acknowledgement of the growing popularity of administration services such as master trusts and wrap accounts, Good Returns introduces its first quarterly survey of what's on offer.The initial survey details how much each of the services has under management as at March 31.
New Zealand Funds Management, the first to kick off master funds successfully in New Zealand, is clearly the biggest provider of such services having more than $770 million within its four administration services. Of the services it provides Money Managers' First Master Fund is the largest with $420 million.
However, other providers, particularly Armstrong Jones' Private Portfolio Service (PPS) and Sovereign's Aegis, services are being actively promoted to financial planners and have grown rapidly in recent months.
|
Service provider |
Service |
Funds under administration |
|
NZ Funds Managem't |
First Master Fund |
420 |
|
Strategic Investment Serv |
300 |
|
|
Medical Assurance |
30 |
|
|
Liberty Group |
20 |
|
|
Colonial |
Navigator/Pathfinder |
42 |
|
Sovereign |
Aegis |
308 |
|
Ausmaq* |
Overall |
330 |
|
BNZ AMS |
170 |
|
|
Armstrong Jones |
Private Portfolio Service |
203 |
|
Boxer |
Boxer |
30 |
|
Jacques Martin |
Spicers/NZFP |
Undisclosed |
Armstrong Jones managing director Paul Fyfe says PPS, which was launched in August 1997, is now used by 55 companies. AJ is targeting to have $865 million in the service by September 31, 2001.
Also the company is planning to launch a wholesale master fund for company and institutional business.
Sovereign is now starting to promote its Aegis service to other financial planners. It was originally launched, in June 1998, as a closed service for its three foundation advisory firms - Reeves Moses, Broadbase and Northplan.
That exclusivity ended on March 31, and Aegis is now actively promoting its service.
Following Colonial's takeover of Prudential late last year it has decided to merge Prudential's Pathfinder services within its Navigator service.
Meanwhile, Boxer, which is a niche service offered by Christchurch-based adviser Kevin Seque, has beefed up its resources with the appointment of several new staff, and expanded range of fund managers within its service (see People page for details).
Seque says BT Funds Management, Tower Managed Funds and National Bank Financial Services, are now offering their funds through Boxer.
Also, Boxer has contracted a company called FAST (Financial Advisers Support Team) to advise and assist advisers with the process of converting their systems so they can use Boxer. FAST is run by Matt Butterfield who has worked in Seque's planning firm.
Currently six firms are using Boxer and there are another six in the process of converting, and a further 10 wanting to convert.
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