Colonial First State (CFS) has launched a Commonwealth private separately managed account (CPSMA) product in partnership with Commonwealth Bank of Australia (CBA)’s business and private banking team.
The new product will offer advisers with a simplified investment approach and frees them up to spend more time with clients.
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The CPSMA will include 11 model portfolios covering various asset classes, investment types and risk profiles, including managed funds, ASX-listed securities and cash.
Colonial First State Custom Solutions general manager Chris Stevens said that the CPSMA will be managed by Commonwealth Private Investment Managers.
Stevens added that Commonwealth Private will offer the SMA to its high-net-worth (HNW) clients but it can also also be offered via Colonial’s FirstWrap platform.
The CPSMA will feature centralized management, comprehensive reporting and a competitive fee structure, including fee aggregation across multiple accounts and products.
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By GlobalDataThe management fee for the product will be based on a percentage of assets under management and will start at 0.52% for investments up to $300,000.
"By investing in the CPSMA, investors authorise trading to be done on their behalf by the portfolio manager, reducing the amount of paperwork required for changes to the portfolio and ultimately saving them time," CFS said.
Stevens said: "We currently administer more than $3.5 billion in managed account solutions on behalf of our clients. Furthermore, advisers will spend less time inputting data and detail into trading software or filling out and processing forms, allowing them to spend more time on high value activities."
