1 Comment 1 Comment
Bevan Graham
It has selected InvestNow as the investment platform to support direct investors in AMP Capital’s fund range.
Previously retail investors could access AMP Capital's funds through financial advisers and AMP Financial Services.
AMP Capital had $30 million in retail funds under management and, it is believed, around 500 investors.
InvestNow already has an established working relationship with AMP Capital, offering the full range of retail investment funds on its platform.
InvestNow was founded by former AMP Capital head of sales and marketing Anthony Edmonds.
Bevan Graham, AMP Capital New Zealand managing director and chief economist said: “This is a great outcome for our retail investors. As a well-regarded provider with over 19,000 customers, InvestNow is able to offer a comprehensive investment platform and online services for our clients, and is well placed to continue to meet the needs of direct investors in AMP Capital funds on a platform that is continuously evolving."
The transition to InvestNow’s platform will take effect from March 31, 2020. Current investors will not be required to do anything as part of the transition process and will remain invested in the same AMP Capital funds on the transfer date. There will be no changes to the fees investors are charged as part of the transfer.
Edmonds said: “InvestNow had a record month in January, with 1,500 new clients opening accounts and more than $30 million growth in new assets. We are delighted to build on this success by bringing AMP Capital’s direct retail customers onto the platform.
“AMP Capital’s funds have proved popular with InvestNow’s clients, so the transition of their retail clients was a natural extension of this success," Edmonds continued.
AMP Capital will no longer accept online applications from new clients via its website from February 28, 2020, from this date investors will be directed to InvestNow to access AMP Capital Funds.
New and existing investors will be able to access AMP Capital’s full retail range from InvestNow from February 28.
| « Regulation pushes firms to vertical integration | Mann on a mission to diversify financial advice » |
Special Offers
Sign In to add your comment
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved
1. They tend to attract consumers who are adverse to the industry, primarily during good times (when markets are up). These folks are highly unlikely to engage with the advice industry, and prefer self drive portfolios. Again - all really great in good times. Unfortunately the recipients of these monies tend to be left fending off their inquiries during the not-so-good days, with call centers flat out protecting their reputation and retaining the money. Not a bad source of monies if you have the processes in place to deal with direct customer queries.
2. The platform space is on the eve of a massive adjustment (rf: https://s1.q4cdn.com/050606653/files/doc_presentations/2020/Visa-Inc.-To-Acquire-Plaid-Presentation.pdf) - as is the cost of passive / index solutions and ETFs. Granted that this may take a few years to find its way to NZ, although Visa (and others) have an enviable direct-to-consumer access to help accelerate their plans. I'd be willing to bet in favour of these large global players winning the B2C game - based on both price and brand.