Macquarie Private Portfolio Managers (MPPM) has implemented an updated version of Garradin Portfolio for use in the administration of MPPM accounts and other separately managed accounts (SMAs).
A spokeswoman for MMPM said the manager had essentially switched from an existing Garradin solution, Garradin Portfolio Manager, to Garradin Portfolio, a more recent and improved system. MMPM invited five investment management software providers to tender and chose Garradin due to its cost-efficiency and repuation for delivering promised services. Garradin chief executive officer, Stephen Bowhill, said the new contract with MMPM was “substantial” and stipulated “a substantial period of time”. “We are delighted to win this business, particularly since SMA portfolio management is definitely the flavour of the month,” Bowhill said. MMPM’s primary administrative requirements include regular consolidated reporting on clients’ investments and comprehensive end-of-year tax reporting. Bowhill said Garradin’s open-architecture software could also evaluate the tax implications of investing in different asset classes. “For high net-worth clients, tax is fairly key and is probably why they are in an SMA.” Garradin Portfolio will also be used to process and report on fee transactions. MMPM currently manages $1.2 billion in accounts including SMAs, which offer tax and portability advantages for investors holding securities directly as beneficial owners as opposed to holding units in a trust that owns the investments. It aims to launch individually managed accounts, in which investments are held by the investor and decisions are made for them based on their specific requirements, later this year.
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Darcy SongDecember 4, 2024
