AMP puts its wrap online
Wrap accounts, once the preserve of advisers, are now available directly to the public over the Internet.
Tuesday, October 31st 2000, 6:30AM
Through InvestorNet, investors with a minimum of $20,000 can buy and sell units in Henderson Investors’ UK funds as well as AMP’s hugely successful passive international fund, WiNZ.
AMP general manager John Drabble says the launch of InvestorNet is a "significant first" for New Zealand investors. "There is a growing understanding that to build financial security investors need to diversify, and for long term savings, putting a significant proportion of investment capital offshore will spread risk. Recent changes to the Securities Act have simplified the requirements for investment in UK funds. These changes, coupled with InvestorNet, mean that accessing overseas funds is far simpler and more cost-effective than ever."
"This is a very clever way to invest. People who choose to manage their own portfolios can now easily access funds that would normally only be available at a wholesale level. In addition, they have an up-to-the-minute view of those investments. An added advantage is that the funds of many investors are consolidated, so lower fees can be negotiated and currency purchased at wholesale rates.
"Over time we’ll be working to make other funds and features available.
"Of course, many investors prefer to invest in these funds through an AMP Adviser or their broker. I would certainly encourage anyone unfamiliar with managing their investments to continue to seek advice to ensure their risk is spread appropriately. Our Advisers have been using InvestorNet with their clients over the past month. We are delighted with the results to date, over $25 million has been invested through Investornet", Mr Drabble said.
As well as providing on-line access to a range of diverse international investments, customers using InvestorNet can obtain consolidated investment reports and monitor their investments.
InvestorNet is at www.ampinvestornet.co.nz. AMP Financial Services and AMP Henderson worked with Microsoft to develop InvestorNet. AMP already offers on-line banking as well as life and house and contents insurance.
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