Powerwrap is now the global administration partner of a New York based alternative investments platform provider.
The Australian platform provider has inked a deal to be administration partner of Qualis Capital.
The firm is new on the scene, and plans to roll out a menu of 50 real estate, private equity, private credit and hedge funds to investors. A further 50 funds are slated for inclusion on the platform within the next 12 months.
The deal sees Powerwrap locked in as the firm's administration partner for a minimum of five years, and the platform said it expects to become the local distributor of Qualis' funds.
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Powerwrap chief executive Will Davidson lauded the deal, and said the insights and lessons learned would be applied to the platform, which currently manages around $1 billion in alternative assets.
Davidson said alternative assets could be the solution for advisers searching for investment choices which will deliver their sophisticated clients higher returns despite the current environment.
"Alternative assets can fit this brief, and Powerwrap, with more than $1 billion of investments in the class, is the leading Australian platform in the alternatives segment," Davidson said.
The Powerwrap boss called the deal a natural fit for the platform, and said that by developing the Qualis Capital platform, the value of Powerwrap's technology strategy was confirmed.
Separately, Powerwrap recently confirmed the hire of former Colonial First State head of wrap Sue Wallace as special projects lead.
Wallace joined the platform on a contract basis, after more than 15 years linked with CFS including as national account manager of Avanteos, and senior manager of custom products.