Navigator launches into Singapore
Norwichunion launched the first ever international version of its Navigator master trust platform in Singapore yesterday.
The Singaporean version of the investment platform will be offered with a choice of 75 funds by 12 different managers. Funds offered will include aggressive, growth, balanced and conservative options.
Navigator has for many years been looking at an international operation and for some time there were plans to launch it in Europe.
Norwich group chief executive Rob Garnsworthy, speaking in Singapore, says the choice of the location was influenced by the Asian country’s financial services system, which is similar to Australia’s.
“Financial planners (in Singapore) have been calling for a Navigator-style investment tool for a number of years,” he says.
“It is only now that the appropriate legislation has been approved to allow systems such as Navigator to operate in Singapore and we congratulate the Monetary Authority of Singapore (MAS) on recognising the need and look forward to justifying the faith placed in this concept.”
Garnsworthy says the political stability of Singapore was also another factor in picking the country to become Navigator’s first overseas operation.
“Singapore will become the hub for Navigator in Asia,” he says.
“As we prove the concept in this market, it will be extended throughout the region and Singapore will provide the administration and marketing support for other regional operations.”
Norwich has appointed Steve Heald as managing director of Navigator’s Asian operations.
Norwich has had a small group of senior executives based in Singapore for more than a year, establishing links within the financial advisory market and also working closely with authorities to ensure the system is compliant with the local regulatory environment, Heald says.
“During the course of the last 12 months, our focus has been on tailoring Navigator to Singaporean standards and working closely with [Singaporean] financial advisers to educate them about the Navigator concept,” he says.
“We are also negotiating with a number of potential distribution partners who had recognised the value of the Navigator model.”
Navigator, which first mooted the move into Singapore in April, now has more than $8 billion of funds under administration in Australia.
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