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CFS annuities platform hits $1bn FUA
Colonial First State's (CFS') annuities platform has hit $1 billion in funds under administration (FUA) in just over two years, the firm announced.
It said that while other platforms offered access to annuities, CFS was the only platform in the market offering a choice of annuity provider.
CFS acting general manager, product, Sam Wall, said: "Offering choice helps to mitigate provider risk and gives customers more confidence when using longevity strategies".
"Ensuring we have a full range of products to cater for all customers is just one of the ways we support advisers."
CFS celebrated its 15th anniversary of FirstChoice and $80 billion in funds under management (FUM), while its combined platforms had more than $112 billion in FUM.
Initiatives launched this year included a new FirstChoice online application that integrates with xPlan, streamlining the way accounts are set up, and introducing a portfolio service in partnership with CommSec to provide a cost-effective administrative solution that allows for different assets to be managed together in the one place.
"Integrating annuities was an important first step to evolving our platforms for the future and the delivery of FirstChoice Managed Accounts next month shows our continued commitment to advisers by reducing the risk, complexity, and cost of delivering portfolio construction solutions," Wall said.
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