Australian platform provider Netwealth has collaborated with boutique wealth management firm Cardena Private Wealth to introduce a new private label managed account.

Cardena, formerly known as Arrive Wealth Management Sydney, has recently partnered with Fortnum Financial Advisers, a non-institutionally owned dealer group in Australia.

According to Cardena director Jonathan Kilborn, the company spent several years reviewing the market and evaluating the range of managed account options available.

Kilborn said: “We are pleased with the solution we have designed in conjunction with consultants Intama and which Netwealth has been instrumental in developing.

"We have also been actively speaking with our clients about the significant benefits of managed accounts and the feedback has been extremely positive particularly around our ability to effectively react to changing market conditions and managing downside risk."

Netwealth joint managing director Matt Heine said that the company has been working with Cardena for some time and are pleased with their multi-asset and objective based model offerings.

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“Historically the implementation of these models could not have been achieved under a traditional advice framework where SOA’s and ROA’s are required for each rebalance or asset class tilt.

"We are also seeing the industry undergo a number of major structural changes which have led to a significant shift in the use and growth of managed accounts,” Heine added.