Toby Potter
AMP has strengthened its MyNorth Managed Portfolio proposition, announcing three new initiatives:
- Adding investment managers Zenith Investment Partners and Quilla Consulting to its MyNorth Managed Portfolio range
- Launching a new Partnered Managed Portfolios offer, tailored for advice practices that are seeking to implement a whole-of-portfolio solution, and
- Releasing a new industry whitepaper on managed portfolios in partnership with the Institute of Managed Account Professionals (IMAP).
Rod Finch, AMP’s Managing Director of Wealth Products and Platforms, said: “We’re delighted to announce these new offers and resources for advisers and clients as we continue to strengthen our MyNorth Managed Portfolio proposition.
“Zenith Investment Partners and Quilla Consulting offer high-quality, in-demand portfolios that represent great value for clients, while our partnership with leading advice business, the Weinberg Private Group, has launched our Partnered Managed Portfolios offer. Shifting adviser business models and increased demand for managed portfolios are providing great opportunities for more advice practices to develop investment portfolios specific to the needs of their clients.
“Our new whitepaper – A Guide to Managed Portfolios – which we’ve produced in partnership with Toby Potter and the IMAP team, will also be a valuable resource for any adviser looking to take advantage of the many benefits of managed portfolios.”
Toby Potter, Chair of IMAP, commented: “Managed portfolios are one of fastest-growing investment vehicles in Australia because of the benefits they offer investors, so it’s great for IMAP to partner with AMP to produce this whitepaper.”
AMP’s initiatives follow the fee reductions announced earlier in the year, which are benefiting more than 87,000 new and existing MyNorth clients and families.
MyNorth is one of the most competitive and feature-rich wrap platforms in the Australian market.Zenith Investment Partners and Quilla Consulting
Zenith Investment Partners and Quilla Consulting portfolios are now available through the MyNorth Managed Portfolio proposition, increasing the diversity of the range and the strategies available to clients.
Zenith Investment Partners and Quilla Consulting were approved to the portfolio range following an extensive due diligence process conducted by AMP. This considered issues such as risk, the experience and quality of the individuals, client service records, and investment process, fees and structure.
Partnered Managed Portfolios
Financial advice practices are now able to partner with AMP and the MyNorth platform to create their own Partnered Managed Portfolios. This includes best-of-breed asset consultants to deliver portfolios which are tailored to their preferred strategies and can enable them to deliver a whole-of-portfolio solution.
Advice business, the Weinberg Private Group, is launching its own tailored MyNorth managed portfolio, which has been professionally constructed and managed for the requirements of its clients, with exclusive rights to brand.
Whitepaper
Produced by AMP in partnership with IMAP, A Guide to Managed Portfolios highlights transparency, investment quality and flexibility as key reasons for the significant growth of managed portfolios in recent years. They have now surpassed $62 billion in assets under management (AUM) in the Australian market since broad adoption began in 2010, with growth expected to accelerate over the next three years.
Other insights from the whitepaper include:
- Managed portfolios remove the need for advisers to produce a statement of advice or record of advice for every transaction
- Operational risk is reduced as managed portfolios transactions are generally centrally implemented
- Appointed investment managers typically build a portfolio of assets with reference to the platform’s investment menu
- ‘Ease of trading’ is a key consideration when determining which assets are held in a managed portfolio – term deposits, syndicated managed funds and corporate bonds are often excluded on this basis, and
- Managed portfolios require the responsible entity to issue a product disclosure statement, which must comply with the Corporations Act.