Netwealth adds muscle to Russell wealth arm

10-Mar-2017

By Leanne Abbas

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Netwealth has entered into a partnership with the newly created wealth management arm of Russell Investments to provide a platform offering to its investors.

As part of the deal, netwealth has already transferred $200 million to the new platform and is expected to allocate a further $650 million.

The investment group is set to migrate 1500 individual investors to the platform, which will be known as Russell Investments Wealth and Super Series, with the transition expected to take place at the start of April.

Russell Investments will stay as the investment manager of these assets but is also set to offer advisers and their end clients access to term deposits, an integrated cash option and multiple insurance products.

Commenting on the deal, netwealth joint managing director Matt Heine said this was a compelling offer for the Australian independent adviser market.

“The new platform combines netwealth’s market-leading technology with Russell Investments’ award-winning multi-asset fund range,” he said.

Positive feedback from financial advisers was a key driver behind the partnership, according to Russell Investments managing director of private client services Siva Sivakumaran.

“Independent financial advisers have a very high regard for the range of multi-asset solutions offered by Russell Investments,” Sivakumaran said.

“But we need to make it easier for advisers to do business with us.”

Sivakumaran also noted the deal was sealed after a detailed review of platform options in the Australian marketplace.

“It was clear that netwealth is very focused on providing of innovative technology, and is not only keeping pace with the industry but leading it,” he said.

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