iFast unit iGM's assets under administration crosses $1 billion mark

SINGAPORE (THE BUSINESS TIMES) - Wealth advisory platform iFast Global Markets (iGM) Singapore said its assets under administration grew 62 per cent year on year to exceed $1 billion as at Sept 30.

This milestone is significant considering that the division is only four years old, said mainboard-listed iFast Corp in a bourse filing on Monday (Oct 11).

iGM Singapore is the wealth advisory arm of iFast Financial, the Singapore subsidiary of iFast Corp.

Shares of iFast Corp rose 22 cents, or 2.4 per cent, to $9.53 as at 9.52am on Tuesday, after the announcement.

Mr Terence Lin, general manager at iGM Singapore, said that the average adviser on the platform oversees about $17.5 million of assets.

As part of its fintech initiatives, iGM has launched a new app, which now allows investment accounts to access both adviser and client transaction capabilities. This means that do-it-yourself transaction capabilities can be enabled on an investment account based on the client's suitability.

Mr Lin noted that clients "can enjoy the full transactional flexibility of a DIY account while retaining the advisory services of a technologically equipped yet very much human adviser, who has full servicing and advisory rights over the account".