AMP announces new MyNorth managed portfolios
AMP’s aligned advice practice Invest Blue and Russell Investments have developed Cornerstone Managed Portfolios in response to a growing demand for lower-cost, actively managed portfolios from advisers.
The partnership would offer four separately partnered managed portfolios and would be available from AMP’s wrap platform MyNorth.
Jodie Hampshire, managing director of Russell Investments Australia, said there was increased demand from many financial advice licensees and large practices for independent, packaged and structured investments to suit specific client needs.
The new offer would also expand MyNorth’s partnered managed portfolio range following the launch of portfolios with advice practice, the Weinberg Private Group and other independent advice practices in 2019.
According to AMP’s director wrap product, Shaune Egan, the new offer would enable advisers and their clients to benefit from centralised trading team while minimising risk and supporting practice profitability.
Egan said the offer would be also in line with the platform’s key objectives of cost effectiveness, seamless administrative functionality and investment choice.
“This new offer continues the delivery of this strategy, supporting advisers in providing clients with tailored, cost effective portfolios, constructed and managed by a leading investment manager,” he said.
Cashflows on the MyNorth platform increased 52% to $2 billion in the first half of 2020, driven in part by continued inflows from external financial advisers, which increased by 39% to $700 million.
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