FIIG Securities launches bonds managed account service

The Managed Income Portfolio Service (MIPS) will appeal to financial advisers who want to retain control over their fixed income portfolio's investment strategy while delegating its day-to-day management, according to FIIG.

"Direct ownership of bonds has many advantages over buying them indirectly through a bond fund but until now it was a bit more work, especially for financial planners who were overseeing multiple portfolios," FIIG chief executive Mark Paton said.

"This new MIPS service changes all that, because the investor just has to set the investment mandate and our experienced fund manager will manage the portfolio for them," he said.

Mr Paton added that MIPS will be a "game changer" for Australian retirees because it gives them access to professional investment management, comprehensive administration, and reliable income while offering capital protection to shares through a diversified portfolio of low-risk assets.

Along with the announcement of the managed accounts service, FIIG said it has also appointed former Dixon Advisory Funds Management head of fixed income Alwyn Hung.

Mr Hung will take up the role of senior portfolio manager of cash and fixed income for MIPS.