Bevan Graham
It has selected InvestNow as the investment platform to support direct investors in AMP Capital’s fund range.
Previously retail investors could access AMP Capital's funds through financial advisers and AMP Financial Services.
AMP Capital had $30 million in retail funds under management and, it is believed, around 500 investors.
InvestNow already has an established working relationship with AMP Capital, offering the full range of retail investment funds on its platform.
InvestNow was founded by former AMP Capital head of sales and marketing Anthony Edmonds.
Bevan Graham, AMP Capital New Zealand managing director and chief economist said: “This is a great outcome for our retail investors. As a well-regarded provider with over 19,000 customers, InvestNow is able to offer a comprehensive investment platform and online services for our clients, and is well placed to continue to meet the needs of direct investors in AMP Capital funds on a platform that is continuously evolving."
The transition to InvestNow’s platform will take effect from March 31, 2020. Current investors will not be required to do anything as part of the transition process and will remain invested in the same AMP Capital funds on the transfer date. There will be no changes to the fees investors are charged as part of the transfer.
Edmonds said: “InvestNow had a record month in January, with 1,500 new clients opening accounts and more than $30 million growth in new assets. We are delighted to build on this success by bringing AMP Capital’s direct retail customers onto the platform.
“AMP Capital’s funds have proved popular with InvestNow’s clients, so the transition of their retail clients was a natural extension of this success," Edmonds continued.
AMP Capital will no longer accept online applications from new clients via its website from February 28, 2020, from this date investors will be directed to InvestNow to access AMP Capital Funds.
New and existing investors will be able to access AMP Capital’s full retail range from InvestNow from February 28.
