Wealth Technologies adds over $200 million to Funds Under Management (FUA) after winning first offshore client with two local advisory firms, also switching from FNZ-based system to NZX-owned investment platform rice field.
To support the NZX platform’s ambitions of reaching $40 billion in FUA by the end of next year, the $200 million Cook Islands National Pension Fund (CINSF) has partnered with Wealth Technologies through New Zealand-based Public Trust to: contracted for various administrative duties. Membership functions for insurance, annuities and investments.
Similar to multi-purpose membership management, the CINSEF investment team will be able to “load trades, access up-to-date valuations and provide live data of member, fund and life fund portfolios to the actuarial team,” according to the statement. It says.
CISF employs a sister company of Wealth Technologies, Smart Share, last September As a new investment manager.
However, the Cook Islands coup will force platform providers to fine-tune their software to meet the needs of the CISF, especially to accommodate insurance and pension services.
CINSEF head Damien Beddoes said in a release that the fund is working with Wealth Technologies to “design and implement better processes for managing its members.”
Wealth Technologies “is also working with existing vendors,” Beddoes said.
Lisa Turnbull, head of Wealth Technologies, said the development of CINSF could also expand the potential customer base of the NZX platform.
“We look forward to working with CISF to develop the service and expect other opportunities to emerge once this new feature is complete,” Turnbull said.
CINSF’s victory also came as Wealth Technologies booked several traditional New Zealand financial advisory clients, Ethical Investing and Jovic & Company.
Co-founded by New Zealand financial industry veteran Peter Lee, Ethical Investing previously participated in the FNZ-based Concilium platform. Whangarei’s firm Jovic & Company will also transition from FNZ Systems to Wealth Technologies.
All three new signups will use the NZX platform for both management and storage.
Wealth Technologies reported nearly $10.7 billion in FUA at the end of May, while NZX suggested last year that it could reach $40 billion by the end of 2024.
NZX head Mark Peterson told investors last November that Wealth Technologies expects “significant new customers” to join the platform in May, but that the transition is facing further delays. said it was understood.
NZX also confirmed that to be the case late last year Looking for a “Partner” Helping wealth technology grow.
https://investmentnews.co.nz/investment-news/nzx-platform-racks-up-200m-pacific-win-two-new-advice-clients/?utm_source=rss&utm_medium=rss&utm_campaign=nzx-platform-racks-up-200m-pacific-win-two-new-advice-clients NZX Platform Raises $200 Million in Pacific, Wins 2 New Advice Clients