Licences are now required under the Financial Markets Conduct Act for those offering class DIMS services. Financial advisers can be authorised to provide personalised DIMS under the FAA but only two have been approved for that service so far.
Managing director of Milford Asset Management Anthony Quirk welcomed the licence.
"The Private Wealth advice business is an increasingly important service provided by Milford. Obtaining a DIMS licence is a significant step in Milford’s strategy to deliver a superior service to its Private Wealth clients,” he said.
“We considered the options long and hard when the new licensing requirements first became clear, as obtaining and maintaining a DIMS licence is a significant undertaking. We felt that the DIMS service model provided the best solution for our clients. It fitted our existing model very well, and we welcome the additional disclosures and consistent standards for performance reporting involved in this service. Our Private Wealth business has grown by 80% over the past two years and we now have a team of five authorised financial advisers looking after more than $750 million of funds in this area."
Milford Private Wealth is suitable for private clients, family trusts, charities and institutions that have more than $500,000 to invest and require ongoing personalised advice to manage their investments.
A client portfolio will typically hold a diversified mix of investments in predominantly Milford’s Unit Trust PIE Funds. These, in turn, have allocations to shares, listed property, fixed interest and cash, in both domestic and offshore markets.
Each investment strategy is designed to maximise returns for a given level of risk, with a particular focus on protecting investors’ capital through active management.
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