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Synergy continues its evolution

, Written By Scott Alman

The Synergy Investment Programme (Synergy), the joint venture between Funds Administration New Zealand (FANZ) and Consilium NZ Limited, surged past $300m of funds under advice in August 2018.

Launched in October 2015, Synergy has flourished in its first three years.  Its success has been built on a partnership of collaboration, with FANZ providing administration and the discretionary investment management service (DIMS) and Consilium providing the investment expertise.

The natural evolution of this relationship, and the changing nature of the advice environment in New Zealand, will see Consilium assume Synergy’s DIMS responsibilities from 1 October 2018.  To facilitate this change, Consilium was awarded its DIMS licence this month. 

According to Consilium Managing Director, Scott Alman, “Teaming up with FANZ resulted in a partnership more successful than we could have imagined, and has developed a deep and lasting connection between both businesses.”

These sentiments were echoed by FANZ Executive Director, Graham Duston. 

 “Synergy has been more successful than we could have hoped for. A recent strategic review by FANZ confirmed that future changes in adviser legislation meant Consilium was a more natural owner of Synergy moving forward.  Although FANZ will be relinquishing our current Synergy role to focus on the strong growth in our private wealth management division, we plan to remain long term investors and supporters of Synergy.”

It was important to note that the investment philosophy and processes underpinning the Synergy portfolios would not change with the appointment of Consilium as Synergy’s DIMS manager. 

Consilium supports the quality, reputation and reach of financial advisers all over New Zealand, through innovation and globally recognised best practice systems.  The total assets of firms utilising Consilium services or support is now over $3 billion. It is one of the few organisations in the country to have passed the rigorous assessment processes of both the Financial Markets Authority and the Center for Fiduciary Excellence.