Australian wealth manager Colonial First State (CFS) has selected fintech firm IRESS to provide back-end technology for its wrap platform, FirstWrap.
Under the agreement, CFS will implement the IRESS Portfolio System (IPS) onto its onto its managed accounts solution.
CFS acting executive general manager Peter Chun said finding the right technology provider who understands the fast-changing advice and portfolio management environment, and the need for leading solutions to meet adviser needs, was paramount.
“Our approach is to use best-of-breed technology on the services we provide to advisers to meet their evolving needs, not just in managed accounts but in the broader context of running a platform.
“Managed accounts offer some of the benefits of direct ownership of securities with an overlay of professional management and administration. These benefits have been known by the industry for some time, but we are now seeing a sharp uptick in the demand for these types of products,” Chun added.
IRESS CEO Andrew Walsh said: “We are very pleased to help CFS continue to deliver on its strategy through technology and deliver this important solution for advisers and their clients. We continue to invest in building and implementing high quality, reliable and integrated technology to meet the many different needs of our clients, and their users.”
IRESS Portfolio System will be available on CFS platform from 2017.
Founded in 1988, CFS manages more than A$145bn under management. The firm provides investment, superannuation and retirement products to individuals and to corporate and superannuation fund investors.