NZX Wealth Technologies platform launches

NZX Wealth Technologies has launched its custodial wrap platform with foundation client Craigs Investment Partners on board offering self-managed investment services.

Friday, November 16th 2018, 8:30AM

The platform allows financial advisers and wealth managers to manage their client investments via a single wrap platform.

It fully integrates the core custodial wrap offering with KiwiSaver and super scheme functionality.

The launch has been some time in the making - the deal with Craigs was first announced in 2016 but technical challenges delayed it.

Hobson Wealth Partners was also considering shifting to NZX Wealth Technologies but that was put on hold.

Craigs Investment Partners head of client services Stephen Jonas said part of its long-term growth strategy was to provide a flexible online experience for clients.

"Finding an Australasian-based infrastructure provider with the capability to tailor a solution for us was difficult. This was due to the broad range of investment options we will continue to grow over time, coupled with the flexibility required for our self-managed investment products, ‘out of the box’ solutions were not suitable. This led us to partner with NZX Wealth Technologies.”

NZX said it would now move to grow its customer base and refine the product offering.

Head of wealth technologies Lisa Brock said the launch was a milestone.

"We now shift our focus to sales and product refinement as we reach out to the pipeline of potential customers who have shown interest in the product.”

Craigs have a total of $16 billion of funds under management, of which $950 million will now be administered through this new platform. Following the on-boarding of the Craigs product set, NZXWT now manages more than $2b funds under administration.

Tags: NZX

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