Sovereign sells wealth platform
Sovereign has sold Select Wealth Management to one of the platform's service providers.
Friday, May 15th 2015, 3:37PM
Good Returns understands Select Wealth Management has been sold to research and advice firm JMIS. JMIS evolved out of Jarden Morgan Investment Services and supplied research to Select.
Select provides a wrap account service to investors and advisers with selected portfolios, and custom portfolios. It provides administration and consolidated reporting to clients.
Good Returns understands the business has seen good growth in recent times and had more than $600 million in funds under management and 250 advisers using the platform.
However, it was unclear where the business fitted into Sovereign's operations following the introduction of the new DIMS regime
Sovereign has refused to comment on the deal.
JMIS's three directors including Alan Lee, Andrew Kelleher and Ross Jewell.
For more on Select go to this page
Note: Select Wealth Management is the Sovereign-owned wrap service. Select Asset Management is the financial advice firm run by Wayne Ross (formerly Sovereign CIO) and Mike Newton
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