Melbourne-based investment platform, OpenInvest, have announced it has successfully transitioned the investment accounts and Funds Under Administration of the Partnervest investment platform from its previous platform provider.
As part of the transition project, OpenInvest has configured and now underpins three separate online investing solutions for Partnervest: SimpleInvest, UnionInvest and Partnervest Institutional.
Each solution offers a curated investment menu, and is targeted at addressing the specific investing needs of distinct customer segments.
Concurrent with the launch of the three solutions, Franklin Templeton has been appointed as investment manager, providing a range of investment solutions to Partnervest clients through the Openlnvest platform.
OpenInvest Co-Founder and CEO Andrew Varlamos (pictured) said that the transition of existing accounts had gone very smoothly, and that account holders now had direct online access to their portfolio as well as more control over their account, powerful reporting and investment updates and explanations that are regularly posted by Partnervest. The SimpleInvest solution also comes with its own dedicated app.
Partnervest Managing Director Serg Premier said that the flexibility and configurability of the OpenInvest platform meant that Partnervest could now offer the right solution for each of their major client segments: SimpleInvest for the non-super investing needs of members of industry super funds and trade unions; Partnervest Institutional for family offices, charities and other wholesale and sophisticated clients; and UnionInvest for the investing needs of Australia’s Trade Unions.
“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. 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. Having successfully completed the initial customer migration, we are now growing very rapidly via new accounts, which gives me great confidence in both our approach and the decision to select OpenInvest,” Premier said.
Premier also commented on the importance of the Franklin Templeton relationship to the Partnervest value proposition.
“Our strategic distribution partnership with Franklin Templeton, one of the world’s leading investment managers, means we can leverage their deep global expertise and insights in offering our clients access to an expanded range of their multi-asset and single-sector investment funds,” Premier added.
Felicity Walsh Managing Director of Franklin Templeton Australia and NZ and Head of Institutional Business APAC welcomed the launch of the three investment solutions via OpenInvest.
“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.
Andrew Varlamos said the company was proud to be partnering with Partnervest and Franklin Templeton.
“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,” Varlamos said.
