North adds six BlackRock-backed portfolios to mix

AMP’s dedicated wealth platform, North, has announced the addition of six new managed portfolios from BlackRock’s iShares Enhanced Strategic Index Portfolios range, along with updates to its existing Lonsec and Russel Investments portfolio ranges.

North boasts that the new BlackRock/iShares portfolio set provides exposure to more than 4,000 global stocks and bonds.

AMP has also announced the addition of new risk profiles to the existing Lonsec Listed Managed Portfolios series and the Russell Investments Sustainable Managed Portfolios range, providing advisers on the platform “with more choice and flexibility” it said.

In response it said to adviser demand, North has also added new term deposit offerings from National Australia Bank (NAB), which will be accessible on the North platform from next week.

Adviser interest in term deposits “has more than doubled over the last 12 months”, North data revealed, with advisers seeking “safe haven defensive assets” in the current high inflation environment.

As of 31 August 2023, total funds held in term deposits on North nearly doubled to reach $1.93 billion, up from $967 million last year.

AMP’s group executive of platforms, Edwina Maloney, said the addition of new portfolio and term deposit offerings, as well as updates to existing ranges, “reflect the feedback we get from advisers on the financial solutions that give them and their clients most value”.

“We recognise the importance of staying responsive to our clients’ evolving needs. This is why we continue to invest in North’s platform functionality to provide an industry-leading platform that gives advisers greater choice, flexibility and transparency in the market.

“This expansion of North’s investment menu aligns with our vision for providing a broader spectrum of opportunities that enhance the experience for advisers on the North platform.”

Platform enhancements

AMP has also unveiled a number of enhancements to its platform, including the ability for advisers to now set upper limits for fixed-term costs on super and pension accounts.

This small tweak, it said, would “[ensure] fairness and simplifying compliance for ongoing advice provisioning”.

Advisers can now nominate a dollar cap when setting up the fee agreements on North and Investor Directed Portfolio Services, in line with investment growth and additional contributions.

“This makes the ongoing task of managing fees significantly less onerous and ensures advisers remain in line with their fee agreement, keeping costs lower for their clients.”

North currently boasts 1,000 options on its platform, delivering access to over 520 managed funds from 80 investment managers.