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Major Aussie wealth manager partners with global fintech

A well-known Australian wealth management firm has teamed up with a global financial technology provider to boost its managed accounts solution.

In a statement yesterday, Colonial First State (CFS) announced it will be implementing the IRESS portfolio system technology onto the CFS wrap platform, FirstWrap.

IRESS’ managed portfolio capability will be integrated onto FirstWrap, with IRESS providing the back-end technology for CFS’ managed accounts solution.

CFS acting executive general manager, Peter Chun, said finding the right technology provider who understands the fast-changing advice and portfolio management environment, and the need for leading solutions to meet adviser needs, was paramount.

“Our approach is to use best-of-breed technology on the services we provide to advisers to meet their evolving needs, not just in managed accounts but in the broader context of running a platform,” he said.

Managed accounts offer some of the benefits of direct ownership of securities with an overlay of professional management and administration, Mr Chun added.

“These benefits have been known by the industry for some time, but we are now seeing a sharp uptick in the demand for these types of products,” he said.


CFS said the solution will be available from 2017 on the FirstWrap platform.