Entireti has re-tooled a managed account service it picked up during the acquisition of Australian Unity’s financial advice business, which will be supported by Lonsec and Evidentia.
The country’s largest licensee owner has launched Salita Portfolio Services, a managed account and portfolio management service designed to support all licensed and self-licensed practices within its network: Fortnum Private Wealth; Personal Financial Services; its re-branded AMP licensees, known as Akumin; and Entireti Alliances, its re-branded self-licensed service operator.
Salita was previously PFS Investment Management, which Entireti gained in 2023 through its acquisition of Personal Financial Services, an AFSL owned by Australian Unity.
Entireti, then Fortnum, acquired PFS in late 2023. Entireti was later created to be the overarching parent company of the licensees.
The group become the country’s largest licensee owner after it acquired AMP’s licensee business, effectively closing off the final chapter of the traditional institutional ownership of financial advice licensees in Australia.
The service is also supported by the investment consulting capabilities of Lonsec Investment Solutions, which is now part of the Evidentia Group.
The service will utilise Entireti’s investment and research team which includes research executive general manager John Carnavale and Aman Ramrakha, the former Morningstar research director who recently joined as the licensee’s inaugural chief investment officer.
The group’s investment committee is led by independent chair, Douglas Funds consulting chief executive Nigel Douglas, a former executive from van Eyk, Perpetual Private and ANZ Wealth.
The move comes after Count repurposed the managed account offering it picked up during its acquisition of Diverger, which CEO Hugh Humphrey said the group had strongly considered scrapping.
“When we were acquiring Diverger I thought it probably would be part of the business we wouldn’t take over,” Humphrey told the Professional Planner Licensee Summit earlier this year.
But research from CoreData has shown that either managed accounts or equity partnerships have become the most effective ways for licensees to gain revenue.
According to the most recent managed account census data from the Institute of Managed Account Professionals/Milliman, the managed accounts sector has grown to $256.24 billion in funds under management, having only recently surpassed the $200 billion in last year’s census data.
Salita offers a range of actively managed, cost-effective separately managed accounts (SMAs), including accumulation, retirement and direct equities options, as well as portfolio management services to support practices to build bespoke private-label SMAs aligned to clients’ specific needs.
Salita provides portfolio solutions and investment advisory services to several businesses across Entireti, representing $5 billion in funds under management.
