Netwealth launches new managed account service

The new private-labelled managed account service will be available only to clients of Melbourne-based Principal Partners, Netwealth said in a statement. The service provides access to the investment expertise of Bennelong Australian Equity Partners.

“We have had a long and successful partnership with Principal Partners and have been working with them to identify ways to enhance client outcomes and business efficiency,” Netwealth joint managing director Matt Heine said.

John Brady, managing director of Principal Partners, said: “We are excited about embracing the many benefits of managed accounts for our clients as well as driving further efficiency through our business.

“We approached many high quality investment managers, but were really impressed with Bennelong’s current standing due to their boutique ownership structure closely aligning with our investors, strong long-term track record and consistent and disciplined investment approach.”

The new partnership is Netwealth’s eighth private-label relationship, while the company said it will launch another four deals in the coming months.

“It’s an exciting time for us and we are seeing a large increase in new opportunities as advisers focus on building better, more efficient businesses and delivering better client outcomes,” Mr Heine said.