Christchurch-headquartered platform and adviser services business, Consilium, has been approved as a licensed managed investment scheme (MIS) provider, effective April 1.
The MIS licence is a prerequisite for Consilium’s planned KiwiSaver scheme, slated for launch later this year.
It is understood the mooted KiwiSaver scheme will offer an ‘open architecture’ approach with a wide choice of underlying investments.
Direct-to-consumer platform, InvestNow, is also on track to launch a new multi-choice KiwiSaver fund this year, which, together with the Consilium product, would expand the savings scheme universe to 35.
InvestNow is operated by Implemented Investment Solutions – already a licensed MIS firm.
Consilium is the first entity to earn MIS badge this year following a flurry of arrivals in the latter half of 2019.
Robo-advice KiwiSaver scheme, Kōura Wealth, along with passive fund business, Kernel Wealth both earned MIS status last August. Quarry Capital and Alvarium Wealth were approved as MIS managers near year-end, although mostly to recognise name changes from Taurus Management and NZ Assets Management, respectively
Consilium has over $4 billion under management on its FNZ-backed wrap, which will officially switch on later this year.
The Consilium ‘Wrap 2.0’ incorporates the latest FNZ technology that includes “interactive dashboarding, a toolbox to help increase the value of advice and make advisers’ lives easier – such as stochastic modelling, investment research, and paperless onboarding – plus the ability for client profiles to be created independently and linked to multiple accounts”, the group said in a release earlier this year.
Headed by Scott Alman, Consilium also provides a range of risk-weighted investment portfolios, mainly using factor-based strategies such as those offered by Dimensional Fund Advisors, and other adviser support services.
As well, the group operates the Synergy discretionary investment management service (DIMS) used by a range of financial advisers including those in the SBS-owned FANZ business.
According to the latest Financial Markets Authority (FMA) figures, there are 71 current MIS licensees and 53 DIMS providers.