Managed accounts expert expands new platform

A former Mason Stevens executive is joining a fintech that's offering investment and managed accounts solutions, as well as a new superannuation product.

Spitfire Corporation appointed David Storm as its head of distribution, tasked with the sales strategy and working with financial advisers to consolidate clients' wealth "any asset, in any market, at any time."

Storm told Financial Standard the investment platform was established three years ago and has about 29 employees.

Spitfire is now live, and signed on its first client, a private wealth firm based in Melbourne, he said.

Storm added Spitfire was built on the premise that there are gaps in the market to enable advisers to access global investments via managed accounts solutions.

The platform administers IMAs, SMAs and MDAs and helps advisers structure clients' money in a flexible and customisable way, he added.

Storm said having worked in this space since platform solutions were introduced, Spitfire's platform will be a "transformational change for advisers and how they manage their clients' wealth."

"The technological core and features that Spitfire have integrated in its solution are an exciting advancement in the platform industry that I'm excited to be demonstrating to advisers and institutions," he said.

Spitfire also launched a super fund a few months ago - Spitfire Super has a diversified portfolio and invests in agricultural assets.

While it is in its early days, Storm said the super fund is live and gaining traction and looking to enhance this product over the next six months. Equity Trustees acts as the trustee.

Spitfire is looking to expand its capability into super, as well as its offerings in equities, bonds and a broader suite of managed funds, he added.

Prior to joining Spitfire, Storm was at Mason Stevens for more than two years.

He has 25 years' experience in financial services; he held senior distribution roles at OneVue as head of platforms, IOOF-owned Australian Executor Trustees as head of distribution and Citibank as head of advice.

Read more: Managed accountsMason StevensDavid StormEquity TrusteesFinancial StandardMDAOneVueSpitfire CorporationSpitfire Super
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