North investment platform’s AUM hits over $5bn
InvestorDaily
AMP has reported that assets under management (AUM) for North’s managed portfolio range has ticked over $5 billion — a 140 per cent increase over the last year. The news coincides with the announcement that three new portfolios will be added to the platform in the coming weeks – the Research Australian Equity Portfolio and the Research Australian Equity Income Portfolio managed by North’s research team, and the Elston Australian Large Companies Portfolio managed by Elston Asset Management. The new additions will take the total number of managed portfolios on North to 67.
It comes after a report from State Street Global Advisors (SSGA) and Investment Trends released in March found that a record number of financial advisers are using managed accounts. The research showed that over half (53 per cent) of advisers are using managed accounts; a significant increase from 16 per cent a decade ago. Around 60 per cent of advisers are now also recommending managed accounts to their clients, up from 44 per cent last year and 33 per cent pre-COVID (2019).
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