Trio of changes afoot at OpenInvest

OpenInvest has added BlackRock model portfolios to its platform, at the same time as appointing Spiro Pappas as its chairman.

The firm, which acts as a platform to offer self-directed investors access to model portfolios, said BlackRock was a “world leader” and joined firms like Schroders and SG Hiscock on the platform.

Its premise was that an investor would choose a model portfolio from their preferred investment manager and OpenInvest would provide a support structure and handle the trading and administration with no brokerage fees.

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It was particularly aimed at trustees of self-managed super funds as a way to help them gain diversity to achieve their income and growth objectives, which was harder in turbulent times and when interest rates were low.       

Meanwhile, Pappas would take over the chairman role and had 30 years experience in financial services including a long stint at NAB as chief executive for Asia and executive general manager corporate and institutional banking.

Chief executive, Andrew Varlamos, said: “Spiro has extensive experience within the financial services industry globally, and a deep understanding of technology trends, and shares our passion for leveraging digital technology to provide mainstream Australians with easier and lower-cost access to professional asset and wealth management expertise.”

One of Pappas’ first tasks included a Series A funding round which had now been completed.

“We have a terrific pipeline of top-tier asset management companies wanting to join the OpenInvest marketplace, and a number of major firms with whom we are partnering to give them their own digital managed portfolio solution, and I fully expect to be able to make further significant announcements in the months ahead,” Varlamos said.

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