JP Morgan Asset Management has become the latest fund manager to be included on the OpenInvest digital marketplace.
The move to join the OpenInvest platform was made with the view to providing the digital investment solutions for which retail investors are showing an increasing appetite, JP Morgan Asset Management Australia and New Zealand chief executive Andrew Creber said.
“Australians historically tend to put their savings into property and a few well-known stocks, but retail investors are increasingly looking for professionally managed and cost-effective ways of accessing diversified investment portfolios. Partnering with OpenInvest to provide enhanced digital capabilities and tailored solutions is one of the many ways that we aim to reshape how we interact with and add value to our clients,” Creber said.
“There are many Australians who would like to access professional investment assistance but find it too costly to obtain personal financial advice. OpenInvest’s technology will enable us to more readily help these retail consumers access our funds management expertise.”
OpenInvest chief executive Andrew Varlamos concurred with Creber about the Australian public’s demand for a digital marketplace like the one his organisation provides and noted the SMSF community is particularly willing to access professional investment management expertise.
“SMSF trustees consistently tell researchers that one of the most difficult aspects of operating their SMSF is knowing how to manage diversification of the fund’s portfolio. Latest data from the 2021 Investment Trends ‘SMSF Investor Report’ shows that the number of SMSFs using a financial planner has declined, and that the number of unadvised SMSFs with unmet needs has increased to 245,000. We think SMSFs will value the comfort and reassurance that comes with having a world-class asset manager in their corner,” Varlamos said.
The OpenInvest offering is an online environment allowing consumers to engage directly with global and domestic funds management houses to access professionally managed investment portfolios.
JP Morgan now takes its place alongside BlackRock and Schroders in the OpenInvest digital marketplace.
Earlier this week it was announced Pinnacle Investment Management had purchased a share in OpenInvest worth $3 million.