IFAs ditch wrap platforms for MDAs

According to the MDA provider, 10 boutique licensees are in the process of launching a Managed Accounts Holdings-backed managed account service over the coming months.

Managed Account Holdings added that during the September quarter, three licensees – representing more than $400 million in funds under advice – also moved away from institutionally-owned wrap platforms to implement an MDA service partnership.

"The MDA compliance framework, our non-conflicted open architecture business model, and the ability and appetite for firms to control their own portfolio management outcomes is resonating well with IFAs," Managed Account Holdings chief executive David Heather said.

"To complement existing client inflows, we continue to have a strong pipeline of new business opportunities with several having indicated they wish to move to commitment stage."

Mr Heather added that the company experienced net inflows of $111 million during the September quarter.

This was due to a combination of organic growth, acquisition and the addition of newly-implemented MDA services, he said.

Meanwhile, the MDA provider has hired Tania De Vincentis to fill the role of relationship manager.

Ms De Vincentis joins the company having recently worked for Morgan Stanley Wealth Management where she held a similar relationship manager role.

She will provide servicing and relationship management nationally to the company's expanding IFA client base.