CFS joins with multiple research houses on managed accounts

Colonial First State (CFS) has broken new ground by joining with three research houses to offer managed accounts solutions which it says carry no additional fees.
CFS, which is currently the subject of acquisition by major private equity player KKR, announced the managed accounts approach with research houses Lonsec, Morningstar and Zenith today in a move which will cause a stir in the managed accounts environment.
Under the arrangement, CFS will deliver 23cmanaged accounts portfolios developed by the research houses via its FirstChoice Personal Super and Pension platform on the following basis:
Lonsec Active (6 risk profiles)
Morningstar Core (6 risk profiles)
Morningstar Active (6 risk profiles)
Zenith Active (5 risk profiles)
According to CFS chief distribution officer, Bryce Quirk the arrangement sees the company packaging up the best investment insights while at the same time helping clients save on fees paid for accessing the managed account structure and professional portfolio management, typically between 10-to-30 basis points per annum.
“Advisers also save valuable time and effort implementing and administering portfolio changes, allowing them to spend more time on working with clients to meet their goals.”
Dont worry Frank, I'm sure the cost of this investigation and action will be incorporated into our annual levy. #GoGetThemTiger
ASIC couldn't be bothered scrutinising the misleading names of their investment options? Eg. Balanced fund but over 90% invested into…
I'm just curious - would the cost of ASIC pursuing this be greater than what is being paid?
Hi ASIC, please clarify exactly how much time, effort and resources were used for this investigation and infringement notices ?…
Any fines only come from members funds, or investment earnings reserves. It actually NEVER costs Industry Super anything directly.