OpenInvest has announced a significant new partnership agreement with a Melbourne-based firm that provides non-super investment solutions to members of trade unions, industry funds and wholesale and sophisticated clients, while also adding a global investment firm to its roster of fund managers.
The investment platform stated it was now administering the investment options provided by Partnervest after it transitioned the investment accounts and funds under administration of the latter from its previous platform provider, while also appointing Franklin Templeton as an investment manager.
OpenInvest co-founder and chief executive Andrew Varlamos said after the completion of the transfer, its platform supports the provision of three online investing solutions for Partnervest with investment menus designed for its different client bases.
Specifically, the three solutions are UnionInvest – aimed at the investing needs of trade unions members, SimpleInvest – pitched at the non-super investing needs of members of industry super funds and trade unions, and Partnervest Institutional – designed for family offices, charities and wholesale and sophisticated clients, including some SMSFs.
Partnervest managing director Serg Premier said the OpenInvest platform had the level of flexibility and configurability it required to offer the specific investment solutions to each client segment.
“Our clients have very specific needs and obligations that meant we needed to design the right solution with the right investment menu and functionality for each cohort,” Premier said.
“After a robust market review, we concluded that OpenInvest’s flexible modern architecture meant that it could uniquely deliver this, as well as giving account holders easier access to engage with their portfolio and directly control their account.”
Franklin Templeton’s appointment as an investment manager on the OpenInvest platform will allow it to continue to act as a provider of underlying investments to Partnervest’s three offerings, with Franklin Templeton Australia/New Zealand managing director and head of institutional business Felicity Walsh welcoming the new developments.
“Client needs continue to evolve, particularly with younger generations, and this presents opportunities for asset managers willing to meet investors where they are – which is increasingly online. Accessing these different cohorts of investors via technology-focused investment platforms will be crucial to success,” Walsh said.
Varlamos added: “We have designed OpenInvest for exactly this sort of opportunity: our partners needing a highly scalable, configurable and content-rich investment platform to reach and serve very specific market segments.
“Each of Partnervest, Franklin Templeton and OpenInvest brings its own skills, expertise and experience to the relationship, empowering Partnervest to meet the needs of its diverse clients.”
