AES International, Pershing and Præmium are all in the process of going live with new platforms, which take advantage of advances in technology to provide more features and services than most older platforms currently on the market, spokesmen for all three companies say.
All three also accommodate international investors, though each has its own approach and target market.
AES International has actually had its platform up and running – for use by the company’s own IFA network – for two years now, according to Sam Instone, who says this has enabled it to fine-tune its workings. The London-based intermediary network has offices in 12 countries, and around 10,000 clients.
“But now we are launching it to IFAs outside our network for the first time,” Instone says, adding that AES is offering its new Investment Services Platform to other advisers on a white-label basis, if desired.
Instone describes the platform as an equity- and fund-focused, open-architecture facility that is intended for use by IFAs, wealth managers and execution-only clients, all of whom may access it 24/7 via the internet and smart phones. Minimum investment is £25,000, or the dollar and euro equivalent, he says, while the annual charge is 0.25%.
He believes the platform may help other advisers to “transition and future-proof their businesses by building value for their clients and practices alike”.
Awaiting JFSC nod
As of this morning, Australia-based platform provider Præmium was awaiting word from Jersey’s Financial Services Commission that its application for an asset management licence, in connection with its new, multi-currency offshore platform, has been approved. One it is, it will be all systems go, according to John Martin, managing director of Præmium’s London-based UK operation.
Martin describes the platform as “a complete asset management system” aimed at enabling wealth managers and IFAs to create their own investment service to look after clients’ assets in a cost-effective and scalable way.
The Præmium Discretionary Platform Service is intended to be accessed by discretionary managers looking for an efficient way to provide investment management services for adviser firms as well as their own client base, according to Martin.
Unlike most other offshore platforms, it is able to accommodate expat US clients, he notes, with London & Capital Asset Management using the platform to manage portfolios for US clients.
Pershing: ‘complex financial lives’
Pershing Ltd, a BNY Mellon company and affiliate of New Jersey-based Pershing LLC, which has almost $1trn under custody, is also poised to formally unveil its new Pershing Adviser Solutions, according to Paul Bayliss, the firm’s London-based head of adviser and retirement solutions.
Although the new platform is UK-adviser/wealth manager focused, it accommodates offshore funds, and has “already engaged with a number of clients in Ireland”, Bayliss says.
He describes Pershing’s target audience as “growth-oriented, professionally managed advice-based firms [which look after] clients with complex financial lives.”
| Platform name, launch date | Company | Currency choices | Minimum investment | Annual charge | Type of platform | Target market |
|
Præmium Discretionary Platform Service, July 2011 |
Præmium International |
$,£,€ |
Varies according to assets held but typically from £3,000/€4,000/$5,000 |
0.35%, reducing with size |
Open architecture; IFA/wealth mgr/ |
IFAs and wealth mgrs, incl. offshore |
|
Investment Services Platform, |
AES In’tl |
$,£,€ |
£25,000 |
0.25% |
Open architecture; equities and funds; accessible 24/7, incl via BlackBerry, iPhone |
Other IFAs, wealth mgrs, incl offshore; execut’n- |
|
Pershing Adviser Solutions,’imminent’ |
Pershing Ltd, a BNY Mellon company and affiliate of Pershing LLC |
$,£,€ |
No minimum |
0.25% |
Open architecture, multi-asset class, multi- |
IFAs and wealth mgrs — advisory and discretionary |
