Platforms, wraps, IDPS and IDPS-like schemes are not currently deemd as "good" investors for a fund that is trying to satisfy the eligibility requirements for entry into the AMIT regime.
Platforms etc have very large numbers of investors (in the thousands) and a platform investor could easily satisfy the widely held requirement if each investor were to invest into a fund directly.
The current law results in a significant compliance burden for those funds attempting to enter the regime that may have a small number of platform investors but many thousands of individual investors. Tracing through platforms is expensive, cumbersome and creates legal issues with privacy rules. Further it is largely unnecessary as the number of investors in a platform always results in the fund ultimately satisfying the widely held test.
Platforms, wraps, IDPS and IDPS-like schemes should all be considered as "deemed good" investors in the AMIT regime the same way super funds and life companies are.
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