Anthony Edmonds
Anthony Edmonds
The plan is to roll out a KiwiSaver scheme where investors can choose funds from a range of managers already on the InvestNow platform.
Currently there are around two dozen managers and 120 funds, however only PIE funds will be available in the scheme.
InvestNow general manager Mike Heath says they are "donkey deep" in the design of the scheme and recently surveyed existing customers to validate some of the data and ideas.
However, he is confident the business case is correct.
InvestNow hasn't applied for a KiwiSaver licence but expects to do so later this year.
Heath says scheme members will be able to select and build their own portfolios or use its own diversified funds. This is similar to the model Craigs IP uses, however InvestNow will be managed fund based, while Craigs offers access to direct investments.
InvestNow's target market will be people who have been in KiwiSaver a long time and have built up good-sized balances.
Heath says investors are becoming better educated and are more knowledgeable around investment matters and this solution will resonate with these people.
InvestNow has 20,000 investors and $450 million in funds under management.
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