IOOF's Pursuit platform has returned to $1 billion in funds under administration (FUA) despite a rocky year for the financial services industry.
Launched in November 2006, Pursuit passed the $1 billion milestone in the first half of 2008, but the falling financial markets had reduced the FUA to as low as $850 million.
Reaching $1 billion in FUA is indicative of both the quality of the Pursuit offering as well as IOOF's growing relevance in the platform market, IOOF Portfolio Solutions head of advised sales Alexandra Tullio said.
"The competitive administration fees, professional fee pricing structure and adaptability have proven to be the key to the platform's ongoing success," she said.
The Pursuit platform offers a range of superannuation, pension and investment products with two models - Pursuit Select and Pursuit Core.
The Select model offers a comprehensive range of features suited to clients who require a more sophisticated investment solution, whereas the Core model is suited to clients with simpler investing needs. Clients can switch between the two very easily, Tullio said.
In March this year, IOOF added 70 new investment options to Pursuit Select, with the new investment menu divided into nine major asset classes, with 22 subclasses to facilitate navigation.
"The new investment menu will enable us to better meet the need for asset classes such as protected cash, infrastructure, commodities and alternatives, as well as a wide range of specialist sectors," Tullio said.
Online insurance was also added to the Pursuit platform in April this year.
