Online marketplace OpenInvest has appointed former senior NAB executive Spiro Pappas as the chair of its board.
Pappas, a former NAB international branches and innovation executive general manager, as well as NAB Asia chief executive and corporate and institutional banking executive general manager, joins current OpenInvest non-executive directors Greg Cooper, Susan Allen and David Smith on the board.
OpenInvest chief executive Andrew Varlamos said: “We’re delighted that Spiro has agreed to invest in the business and join us in the role of chair of the board.
“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.”
Pappas said: “When two of OpenInvest’s original investors introduced me to Andrew, I was immediately impressed with the company and its vision.
“OpenInvest is a solution that has the potential to revolutionise the way mainstream Australians invest and it couldn’t be timelier, given volatile share markets, ultra-low interest rates, the increasing cost of personal advice and the current needs of self-directed investors, including SMSF trustees.”
OpenInvest also announced asset manager BlackRock had gone live on the OpenInvest marketplace.
BlackRock joined OpenInvest earlier this year, allowing its exchange-traded fund model portfolios to be made available to Australian investors.
“Over the past six turbulent and unpredictable months, there’s little doubt that investing has become even more challenging, with self-directed investors feeling increasingly uncertain,” Varlamos noted.
“The difference between doing it all yourself versus being able to benefit from the extensive global resources, expertise and experience of a world leader like BlackRock has been brought into sharp focus.”
