An ASX-listed platform provider has won a mandate from a wealth firm for a new managed discretionary account service.
Managed Accounts Holdings will work with First Point Wealth Management to set up an MDA service.
The move comes as First Point Wealth Management launches a range of multi-asset portfolios for financial planners, accountants and direct retail investors.
"We selected [Managed Accounts Holdings] because they provide a nimble and flexible platform to host First Point Wealth Management's portfolios," First Point Wealth Management director Sam Robson said.
Managed Accounts Holdings (ASX: MGP) now has $13.3 billion across its flagship MDAs and the wrap functionality added after acquiring Linear.
The company is looking to change its name to Xplore Wealth (ASX: XPL). The change is subject to shareholder approval at its April 12 meeting.
"We are proud to be selected as the administrator for First Point Wealth Management's service offering. This partnership comes at an exciting time for our organisation as we plan for our next growth phase and look to capture market opportunities. We look forward to supporting First Point Wealth Management's strategic growth," MGP head of distribution and marketing Tony Nejasmic said.
Queensland-based First Point Wealth Management provides stockbroking and asset management services to clients.
It runs multi-asset portfolios using direct Aussie shares, ETFs and managed funds. It is led by former Macquarie Group associate director Sam Robson, former Citigroup head is investment advisory and research Toby Lewis, former IOOF head of equities and portfolio construction Paul Saliba, and former AMP Advice head of investment strategy Brad Matthews.
Robson set up the firm after acquiring an AFSL when Macquarie closed its Noosa office.