Ann: FY18 Update, page-23

Having done some research, the structure that exists is that you cannot run non-custodial SMAs on the platform, it is just custodial. That Acurity system they purchased allows for an investor who has stocks external to the platform (i.e. commsec and wanting to keep those shares under HIN/non custody) to be reported on only via HUB...pros and cons to that IMO only. others may understand the technical components to this more. but when looking at FUM flows, it is more into the Wrap and not the SMA functionality - go figure! The only platform i have been told that has actually allowed both custody and non custody SMA's and been a sleeping giant IMO is MGP - looks like they arecheap at moment based on analysis review of 38c target price. DYOR as always