Mrs Wilson, who has been with MGP since July 2015, has previously held Senior Business Analyst and Acting Head of IT positions. Mrs Wilson has over 28 years’ experience in the financial services industry spanning across custody, registry, managed accounts, investment research, wraps and superannuation. Her new role as COO is effective immediately.

Mr Pattinson has been promoted to the role of Business Development Manager for NSW/QLD effective 1 January 2019.  Mr Pattinson has been with MGP for over 10 years where he held the role of Head of Operations & Adviser Services and most recently NSW/QLD Relationship Manager.

Additionally, Gloria Saliba has joined MGP as Head of People and Culture.  Gloria brings over 20 years’ experience in the human resources space where she has developed best practice frameworks for both Australian and Asia Pacific financial services organisations.

MGP also announces that Group Chief Financial Officer Mark Pozzi has resigned. Executive Chairman Don Sharp will act in the role until a replacement is appointed.

MGP Chief Executive Officer David Heather said the new appointments will enable the business to provide a high level of support and capability to external clients and stakeholders, as well as providing opportunity, responsibility and career advancements to senior members of the business.

“The promotion of Pamella and Neil together with the appointment of Gloria adds a further breadth of leadership capability to the MGP business. We know that Pamella, Neil and Gloria will make a significant contribution to the business over the course of 2019 and beyond,” Heather said.

“Our future, supported by our appointments announced today, sees us renew our commitment to being recognised as a leading independent platform provider in the Australian market.”

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Tony Nejasmic

managedaccounts.com.au, one of Australia’s largest managed discretionary account (MDA) providers, is encouraging financial advisors using the Limited managed discretionary account (LMDA) arrangements on regulated platforms to transition clients to fully compliant options well in advance of ASIC’s 1 October 2018 deadline.

The removal of the Limited MDA or No-Action Letter from 1 October 2018 and requirement for clients to be migrated to alternate arrangements prior to 1 October 2018 is driving advisers to seek alternative options quickly. One clear alternative option has been the transition to a MDA solution, effectively outsourcing the MDA licensing authorisation.

managedaccounts.com.au Head of Distribution Tony Nejasmic, who is also responsible for distribution of the Linear solution following the recent merger said: “This is really crunch time for the market and for advisers to avoid a greater pain threshold as the deadline looms. We have seen a 65% increase in interest from advisers leveraging off the Limited MDA as the reality of the removal of Limited MDA’s and no grandfathering of existing positions is making itself known. Additionally, concern around possible future capital requirements, and the increased costs of implementing an in-house MDA is leading advisers towards a fully outsourced MDA approach.”

“With the no-action position on Limited MDAs being in place from 2004, the number of advisers impacted by the regulatory change remains unclear. Discussions with advisers are revealing a lack of planning around transitioning clients to alternative options. With less than seven months to implement an alternate solution, advisers may be unknowingly operating outside of the compliance boundaries or operating two business models just to cater for the changes. There are also no guarantee advisers will have the level of experience required by the regulator to operate a full MDA arrangement themselves if they were to opt for this approach”.

Nejasmic further noted: “Partnering with a licensed MDA Provider can offer advisers a seamless transition in continuing to enjoy all the benefits they and their clients have experienced to date under the Limited MDA arrangement. We are encouraging firms to undertake proper due diligence based on their requirements; whether this be requirement for greater control of the portfolio implementation and execution, custody or Direct HIN, SMA or IMA capabilities with full discretion, and ability to execute equity trades via preferred broker/s.

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Heather David

Managed Accounts Holdings Limited (ASX: MGP or “Managed Accounts”) has revised the execution timetable for its merger with Linear Financial Holdings (“Linear”).

Chief Executive of Managed Accounts David Heather said completion of the binding transaction documents executed by Linear shareholders and final due diligence are expected on or around Friday 20 October, a MGP shareholder meeting will occur on 9 November and settlement of the MGP capital raising should occur around 14 November.

Mr Heather’s update comments were announced at the firm’s Annual General Meeting yesterday, at which Don Sharp and Peter Brook were re-elected as directors of MGP, to join Alex Hutchison on the MGP Board.

Mr Heather said that since the transaction was announced on the ASX, it had received significant interest from institutional investors. The $34 million capital raise will be used for the Linear transaction to extinguish $20.5 million in debt to third parties, fund $8 million in cash to Linear shareholders and provide $5.5 million for transaction costs and working capital for the combined entity.

“We are positioned well for the current shift in the landscape towards managed accounts from non-discretionary solutions such as wraps. Shifts such as these are a one in a 15 or 20-year event and present tremendous growth opportunities for the combined entity. We have received positive support from clients, providers and existing shareholders for the merger and the benefits the combined entity can offer to existing and future new clients,” Mr Heather said.

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Heather David

Managed Accounts Holdings Limited (“Managed Accounts”) (ASX: MGP) is pleased to announce it has submitted a non-binding conditional proposal to undertake a merger with Linear Financial Holdings Pty Ltd (“Linear”) by acquiring 100% of the shares of Linear.

On completion of the merger, the combined entity will become a leader in the managed account, platform and non-unitised administrative sector in Australia, with funds under administration exceeding $11 billion.

Managed Accounts Executive Chairman Don Sharp said: “The proposed transaction represents the execution of the acquisition component of the company’s growth and development strategy as outlined in the most recent annual report and quarterly report”.

Sharp added; “The two businesses are largely complementary. As well as being a long standing provider of managed accounts, Linear has recently carved a niche in the stockbroking and institutional markets which complements Managed Accounts’ primary focus on the independent financial advisory market.”

In commenting on the future of the merged entity, David Heather, Managed Accounts Chief Executive Officer said: “We plan to draw on strengths of each existing business to enhance the other. The proposal involves bringing two lean and efficient organisations together which will use shared corporate, business development and relationship management resources to enhance existing client relationships and actively target growth across market segments. The complementary nature of the two businesses will be a major driver of growth and we expect the transaction to be significantly accretive for Managed Accounts shareholders post FY18.”

“Both firms have a track record of ‘the best of the best’ in terms of technology, which the merged entity will build upon. And with Linear being based in Melbourne and Managed Accounts in Sydney, this provides the merged entity with a footprint in the two largest markets in the country. Most importantly, there is symmetry in the two corporate cultures, with an alignment of values, outlook and aspirations”, Mr Heather said.

The merger proposal places an enterprise value of $42.5 million on Linear with consideration for Linear shareholders to include up to $8 million cash and a minimum of $14 million of MGP scrip to be issued at $0.33 per MGP share.

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Heather David

Managed Accounts Holdings Limited (managedacaccounts.com.au, ASX:MGP), one of Australia’s leading managed discretionary account (MDA) providers, has posted a normalised net profit before tax of approx. $1.47 million for the year to 30 June 2017.

Highlights for the 2017 financial year announced to the market include:

• 19.8% increase in normalised net profit before tax to approx. $1.47 million
• Funds under administration increased to over $2.1Billion – growth of 17.4%
• Company revenue up 25% over 2016/17
• Reinvestment into Distribution resources
• ASX Sponsorship and Settlement approval received
• Enhanced cash solution implemented

The result reflects continued recognition of the benefits of Managed Discretionary Accounts (MDAs) by independent financial advisers (IFAs), stockbrokers and investment managers and the group’s continued re-investment into new services and capabilities to meet current and future MDA user requirements, according to Chief Executive Officer, David Heather.

“We are very pleased with the latest results and remain firmly focused on delivering greater choice, transparency and functionality for the IFAs, stockbrokers and investment managers using or intending to use our broadening capability,” Mr Heather said.

“We are positioning our business for further growth by investing in new software that will transform the user experience for both advisers and clients, as well as provide additional scale and efficiencies in the MGP operational environment.”

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Tony Nejasmic

managedaccounts.com.au (ASX:MGP), one of Australia’s leading managed discretionary account (MDA) providers, has been selected to build and implement a MDA service for Sydney based advisory group The Wealth Partnership, which manages substantial portfolios for HNW and SMSF clients.

The appointment, which followed an extensive review, reflects growing demand for bespoke MDAs as a model of choice for IFA businesses, according to managedaccounts.com.au Head of Distribution and Marketing, Tony Nejasmic.

“We are pleased to partner with The Wealth Partnership as a dynamic and progressive IFA committed to providing fuller and more transparent client services through smarter, scalable structures,” Mr Nejasmic said.

Dr. Tony Rumble, director of The Wealth Partnership, said the MDA allows the self-licensed group to efficiently and transparently manage a fuller range of investments for investors, including direct investment in ASX listed securities.

“HNW and SMSF clients want the ability to see exactly what they’re invested in, rather than co-exist in a ‘black box’ of managed funds,” Dr. Rumble said.

“Our MDA service allows clients to view their portfolios, typically on one page, and see dividends and franking credits as they hit their account, which is especially attractive for clients in pension phase who want to know how much income is being derived from their direct investments.

“It also allows us to swiftly re-balance portfolios and respond to developments such as corporate actions.”

Dr Rumble said the MDA’s scalability was key to the firm’s growth strategy, which has involved two substantial acquisitions over the last 18 months Mr Nejasmic said the rollout the MDA reflected continued evolution in the platform marketplace.

“It is clear that The Wealth Partnership’s MDA services will allow better control of clients’ investment outcomes and greater business efficiency as it pursues growth,’’ Mr Nejasmic said.

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David Heather

A new cloud-based solution announced yesterday by managedaccounts.com.au promises to transform the adviser and investor experience through a market leading intuitive front-end.

ASX listed managed discretionary account (MDA) provider, managedaccounts.com.au is partnering with specialist FinTech firm CapitalRoad to implement a new solution for its user interface and middle office requirements to replace its in-house developed and supported proprietary software.

Melbourne-based CapitalRoad is a specialist provider of integrated cloud-based software as a service (SaaS) for the financial services industry.

managedaccounts.com.au Chief Executive Officer David Heather said the new solution represented a significant investment which would have major benefits for advisory firms, wealth managers, advisers and their clients and is expected to be live across all clients from 30 September this year.

“This market-leading smart technology will transform the way advisers manage their business and communicate with their clients.

It will not only deliver better management reporting and simplify the presentation of data to their clients, the technology will also drive internal efficiencies within an advisers practice.

Our new mobile capability will help build end client engagement with its easy-to-use interface.

The CapitalRoad software will co-exist with the SS&C technology suite used to deliver the majority of our back office capability to present a best of breed FinTech solution to the market”, said Heather.

“The gap between financial services and technology has to be seamless if advisers and clients are to maximise their decision-making abilities and reach their goals.

A modern, clean design, when combined with powerful middle and front office improvements, is a proven way to improve adviser efficiency and bolster client engagement,” said CapitalRoad co-founder and Chief Executive Officer Marshall Stephen.

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Heather David

Listed managed discretionary account operator, Managed Accounts Holdings Limited (MGP) has released a detailed report on the potential impact of regulatory changes to the operation of managed accounts and how advisory firms can prepare for the future.

According to the report – released by MGP subsidiary managedaccounts.com.au and titled “The limited discretion clock is ticking” – many advisers and their clients will be affected by proposed changes to be announced by the Australian Securities and Investments Commission this month including the potential removal of a No Action Letter, which some advisers have used as a basis to run discretionary portfolios on regulated platforms under what’s commonly referred to as a Limited MDA arrangement.

David Heather, MGP chief executive officer, said the potential removal of the no action letter would likely force advisers operating Limited MDAs to gain a MDA operator authorisation on their licence to continue their current approach or alternatively, work with an existing managed account provider to implement an arrangement that meets their requirements.

“It’s likely this change will have the greatest impact on the industry but whatever changes are announced and regardless of whether the industry agrees or not, every participant will need to comply with the new rules,” he said.

“Forward-thinking advisers are already making changes to ensure their business processes are efficient, sustainable and compliant, and we’ve seen a recent increase in inquiries from advisory firms keen to understand how we can partner with them to build and implement a customised MDA service, ahead of ASIC’s planned announcement.”

“The purpose of this report is to help advisers unpack the myriad of regulatory issues facing them and lay out their options.”

The report also identified a poor understanding of the rules around implementing retail super arrangements that use a managed account approach, potentially leading to advisers unknowingly acting beyond their authority.

The report stated: “In order for advisers to manage retail super money with discretion, they need to be appointed as an investment manager by the super fund’s trustee”.

“That means advisers currently managing retail super money under a limited MDA or MDA arrangement where they have not be appointed as an investment manager should be issuing a record of advice (RoA) for every portfolio change.”=

Mr Heather said an efficient, practical solution for advisory firms that wanted to compliantly manage retail super money was to partner with an experienced MDA operator with a retail super solution.

“Our goal is to partner with leading advisory firms to drive compliance and practice efficiency by eliminating the need to produce a RoA for every client, every time they rebalance a portfolio or make a change to the assets held in a client’s portfolio,” he said.

“Whether an advisory firm manages portfolios in-house or outsources portfolio management to professional managers, they have a range of choices across Investment and Superannuation, and across a broad range of assets.”

A free copy of the managedaccounts.com.au report, The limited discretion clock is ticking, is available here.

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David Heather

Five boutique financial advisory firms have launched new managed discretionary account (MDA) services in partnership with Managed Accounts Holdings Limited (MGP), which will ultimately see the company’s funds under administration (FUA) surpass $2 billion.

Shine Financial Services, Array Financial Services, Mayneline Financial Services and Renouf & Partners Financial Planning, which are licensed by Cumulus Financial Group, and another Melbourne-based financial planning firm will collectively transition around $500 million from wrap platforms to new MDA services operated by MGP.

Damian Dunell, Cumulus director and Shine Financial Services principal, said the group was impressed by MGP’s ability to help them design, build and implement their own branded MDA service, tailored around Cumulus’ advice philosophy and client value proposition.

Cumulus’ MDA investment program and solution, branded Fore Invest, is managed in partnership with investment manager and stockbroker, Joseph Palmer & Sons.

“We’re already experiencing significant benefits but most importantly our clients can now enjoy direct ownership with the ability to look through their portfolios and access customised, professionally-managed diversified portfolios,” Dunell said.

“From an adviser’s perspective, portfolio management and administration is infinitely more efficient, allowing us to spend more time seeing clients and providing strategic advice rather than dealing with multiple platforms and getting bogged down in administration.”

According to David Heather, chief executive of Managed Accounts Holdings Limited, advisers are increasingly looking for a unique, non-conflicted solution that’s capable of supporting all managed investment structures including individually managed accounts, separately managed accounts and unified managed discretionary accounts.

“A growing number of licensees are discovering that traditional wrap platforms don’t deliver the level of customisation, flexibility and functionality that they require in order to provide the best portfolio outcome for their clients,” he said.

“Many want a comprehensive solution that allows them to build bespoke investment management solutions which take into account their clients’ individual circumstances and objectives while providing business stakeholders with an efficient outcome through all parts of the value chain.”

The addition of these quality advisory firms caps off a stellar year for MGP with a strong pipeline of new opportunities heading into 2016, Mr Heather said.

MGP has also appointed experienced consultant Rodney Lay as the group’s new head of product to drive innovation and further spearhead MGP’s new offerings to come to market.

Mr Lay joined MGP from research house Independent Investment Research (IIR). Previously he held senior positions at Standard & Poor’s and Aegis Equities Research.

The post New IFA deals to push MDA provider FUA to over $2B appeared first on AdviserVoice.

Heather David

Self-licensed advisory practices are driving the trend towards higher usage of Managed Discretionary Accounts (MDAs) with a further three licensees, representing over $400 million in funds under advice, ditching institutionally-owned wrap platforms to implement an MDA Service in partnership with Managed Accounts Holdings Limited (MGP) during the September quarter.

An additional ten boutique licensees are in the process of launching a MGP-backed MDA Service over coming months, which will lift the number of live Services by over 38 per cent to 46.

David Heather, MGP chief executive officer said the group had experienced record net inflows of $111 million during the September due to the combination of strong organic growth, acquisition transition and the addition of the newly-implemented MDA Services. He added that the group had kick started the December quarter with funds under administration rising to over $1.65 billion as at October 28 off the back of strong net inflows and improved equity market conditions.

“To complement existing client inflows, we continue to have a strong pipeline of new business opportunities with several having indicated they wish to move to commitment stage,” Heather said.

“The MDA compliance framework, our non-conflicted open architecture business model and the ability and appetite for firms to control their own portfolio management outcomes is resonating well with IFAs.”

MGP has also recruited highly experienced operations and project risk manager Tania De Vincentis in a relationship manager role.

Ms De Vincentis has over 20 years’ financial services experience including positions in custody, broking and portfolio administration. She has joined MGP from Morgan Stanley Wealth Management where she held a similar relationship manager role.

Mr Heather said Ms De Vincentis was a key addition to provide on the ground servicing and relationship management to MGP’s expanding IFA client-base nationally.

The Board of MGP has also declared a quarterly dividend payment of $0.002 per share payable in November 2015.

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