Oasis adds two groups and recovers FUM
Tuesday, 22 September 2009 12:20pm
Oasis Asset Management is set to increase the number of active financial planners on its platform by 60 per cent after signing on two new dealer groups and, in six months, saw funds under management (FUM) jump from $3.5 billion to $5.4 billion.
Oasis has added two more financial planning dealer groups since the year started, Millennium3 Financial Services and Sentry Services Financial Group.
This comes after the platform provider announced it had successfully transitioned the administration of the FSP Portfolio Services' superannuation and IDPS products onto its platform.
Wayne Lowe, the group's managing director, said adding the three groups in the past six months is estimated to increase the number of active financial advisers using the platform by 60 per cent.
He said the group's funds under management (FUM) had returned to around $5.4 billion, which is similar to what it was two years ago. ANZ's half year profit report released in April showed Oasis' FUM had fallen to around $3.5 billion over the six months to March.
"We focused on what we could control, such as a financial planner's experience, instead of things we can't control, like the markets," he said. "We've had some good results in inflows and good results from industry surveys."
Oasis has also launched its suite of exchange traded funds (ETFs) from Barclay's Global Investors and State Street Global Advisors onto the platform.
The six ETFs include the iShares S&P 500, iShares MSCI Emerging Markets, SPDR S&P/ASX 200 fund and the SPDR S&P/ASX 50 fund.
But Lowe said financial planners are demanding traditional, transparent, simple investment products.
"We're seeing advisers move out of cash and into the market albeit slowly but we're noticing that financial advisers are targeting the more traditional investments across Australian equities and also multi manager products," he said.
Michael Hobbs
This story was found at: http://www.financialstandard.com.au/news/view/26862
Printed: Wednesday, 8 September 2010 7:08am