Trio of changes afoot at OpenInvest

blackrock/platform/OpenInvest/Schroders/SMSF/

10 September 2020
| By Laura Dew |
image
image image
expand image

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.

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

6 days 17 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

3 weeks ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

1 week 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5