First State Investments is close to finalising an agreement to secure distribution rights for the UK...
First State Investments is close to finalising an agreement to secure distribution rights for the UK and Europe for Avanteos, a Melbourne-based technology company that specialises in pure online platforms for transactions and reporting for multiple security types.
Rob Adams, chief executive officer at First State, said the Avanteos platform is the industry leader in Australia. He believes it will be of great benefit to UK advisers as the Australian market in online technology for intermediaries is some years ahead of the UK. He said: 'We have now commissioned the build but the new business model specifics for intermediaries are yet to be determined.
'In Australia, you have online access to a broad range of mutual funds in a variety of different wrappers. There is also the potential for direct shares, a banking product and front-end tools like tax tools and commission.'
Adams said the group appointed Bryan Hill from Transact six weeks ago, to help ensure that First State's technology plans are successfully developed.
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