A Perth-based firm has unveiled a new managed discretionary account (MDA) solution in partnership with managed account operator Managed Accounts Holdings (ASX: MGP).
According to a statement, Knight Financial Advisors engaged MGP subsidiary managedaccounts.com.au late last year to build a customised solution that enables the professional management of portfolios while minimising manual administration.
Knight Financial also developed an enhanced investment and corporate governance framework in building the solution, the statement said.
Knight Financial director Peter Farlie said the new MDA service will allow the group to focus on growth while delivering the same level of client service and after-tax client outcomes.
"We're able to deliver a more dynamically managed portfolio solution through our partnership with managedaccounts.com.au and we've also addressed many of the challenges commonly faced by advisers who specialise in direct investing," Mr Farlie said.
Managed Accounts Holdings' chief executive, David Heather, said the MDA service has lifted its own number of services in the market to 41 and is on track to have between 45 and 50 by the end of this financial year.
"Knight now has the ability to manage client portfolios with discretion, execute trades across their client base through a panel of brokers selected by Knight, and, where they see fit, outsource portfolio management of selected asset classes to external managers," Mr Heather said.
The new MDA solution went live in April and will eventually replace its existing proprietary investment administration system, the statement said.
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