Asset management giant BlackRock has joined online marketplace OpenInvest, allowing its exchange-traded fund (ETF) model portfolios to be made available to Australian investors.
OpenInvest chief executive Andrew Varlamos noted: “BlackRock manages more assets on behalf of investors than any other firm in the world. Via OpenInvest, Australian investors of all sizes are now able to access portfolios managed utilising BlackRock’s extensive and global resources, expertise and experience.”
Pointing to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, OpenInvest said many Australians now faced uncertainty regarding where they could attain professional advice.
“SMSF trustees in particular are seeking professional help with their portfolio. They understand the importance of having a properly diversified portfolio, but often lack the expertise and confidence to do this on their own,” it stated.
“BlackRock will soon make their products available to the OpenInvest online marketplace, alongside other tier-one asset managers, including Schroders and Macquarie.”
BlackRock head of Australasia Andrew Landman said: “BlackRock is committed to helping investors around the world plan for their financial future. We are pleased to bring our iShares enhanced strategic model portfolios to the wider Australian market, providing investors with transparent, cost-efficient building blocks to manage their individual portfolios and achieve their desired investment objectives.”
Speaking at this week’s SMSF Association National Conference on the Gold Coast, association chief executive John Maroney said: “Australia’s 1.1 million SMSF trustees have chosen to use an SMSF to plan for their retirement because they value the control it gives them. And most SMSF trustees understand that professional expertise is essential to ensuring they get the best possible outcomes.
“We welcome increased investment choice for SMSF trustees to help ensure their portfolios are well diversified and managed.”
Macquarie Investment Management joined the OpenInvest platform in February 2019 and added its investment portfolios to the menu available to SMSF trustees.