Investment
IOOF expands managed accounts offering

IOOF is expanding its managed account offering to give advisers access to direct equities.

Its managed discretionary account solution Managed Portfolio Service (MPS) will now include multi-asset models that combine direct equities with managed funds on its flagship platform, IOOF Pursuit Select.

IOOF said this evolution of MPS provides advisers the ability to offer clients an expanded range of investment choice.

IOOF general manager of distribution Mark Oliver said: "Advisers are rapidly embracing the benefits of MPS. It's helping them to create practice efficiencies allowing them more time to spend with their clients to cover their broader financial goals and needs. That can only be good for their clients."

MPS via Pursuit Select is available to two of IOOF's licensees, Bridges Financial Services and Consultum Financial Advisers.

IOOF anticipates it will offer MPS to the broader market.

MPS is fully integrated with XPLAN, including advice document generation and client account management with built-in client review reminders, Oliver said.

Last month, IOOF appointed a new chief executive of Financial Services Partners, following it's acquisition of the ANZ's aligned dealer group.

IOOF veteran Geoff Kellett will lead the 140 adviser strong FSP, one of the four licensed businesses IOOF acquired from ANZ, a transaction that was finalised this week.

IOOF group general manager of wealth management Renato Mota said Kellett's 20 years of financial services experience made him ideal for the job.

"We are pleased to bring the talent, experience and client-first focus of Financial Services Partners into the IOOF group," Mota then said.

Read more: IOOFMPSANZFinancial Services PartnersPursuit SelectConsultum Financial AdvisersGeoff KellettMark OliverRenato MotaBridges Financial ServicesManaged Portfolio ServiceXPLAN
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