OpenInvest completes Partnervest platform, FUA move

Investment platform provider, OpenInvest, has announced it has successfully completed the transition of Partnervest’s client accounts and funds under administration (FUA) and now underpins its three investment solutions.

The three solutions are each designed to meet the investment needs and goals of specific client segments via a tailored product menu, with SimpleInvest targeted towards the non-super investing needs of industry super fund and trade union members; UnionInvest intended for the investing needs of Australian trade unions; and Partnervest Institutional targeted towards family offices, charities, sophisticated investors and other wholesale clients.

As part of the transition, Franklin Templeton has also been selected as investment manager of the solutions made available to Partnervest clients via its new OpenInvest platform capabilities.

“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,” Partnervest Managing Director, Serg 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.

“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.

“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.”

OpenInvest co-founder and CEO, Andrew Varlamos, said the transition had been finalised as expected, leaving account holders with “direct online access to their portfolio” and the benefits of reporting and updates from Partnervest, and access to a dedicated SimpleInvest app.

“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,” he said.

“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.”

Felicity Walsh, Managing Director of Franklin Templeton Australia / NZ and Head of Institutional Business APAC, said the firm was pleased to partner with the platforms to deliver broader access to the investment solutions.

“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,” she said.