Direct-to-consumer platform, InvestNow, has added two famous names to its growing product range after listing funds from both Milford Asset Management and Platinum Asset Management last week.
Under the just-inked arrangements, InvestNow members have access to the Milford Diversified Income Fund and the Platinum International Fund. Also from this week, ANZ term deposits will be available on InvestNow, which signed up SBS and BNZ to similar deals last year.
Mike Heath, InvestNow general manager, said both Milford and Platinum were well-known brands to NZ investors.
“We expect there will be strong interest from InvestNow members in the two new funds, which each bring a different investment strategy and risk profile,” Heath said.
Platinum and Milford are among the most successful boutique managers in Australia and NZ, respectively, with strong retail followings. The more than $25 billion Platinum – which made a name for itself as a global shares manager from the late 1990s – also remains a popular choice among NZ financial advisers.
At the same time, the $7 billion plus Milford is tilting at the Australian market – with a growing Sydney-based investment team, locally-domiciled product and hiring up recently to lead an adviser charm offensive across the ditch.
Heath said risk-averse investors – or those looking to efficiently park short-term cash – also had a greater ability to build flexible term deposit portfolios on InvestNow from a single account.
“With interest rates now so low, investors are looking to get the best they can out of term deposits by shopping around,” he said. “We make that easier for members to spread their term deposits across multiple banks from their InvestNow account, which means they don’t have to endure separate anti-money laundering checks from each institution.”
Launched in 2017, InvestNow has grown to about $300 million in funds under management with member numbers almost doubling over the last 12 months to hit 13,000.
Last week, one of the products available on InvestNow, the Hunter Global Fixed Interest Fund, also dropped its annual fees by 8 basis points to a new low of 0.54 per cent.
Tony Hildyard, Hunter chief, said the fee cut followed rapid growth in the global fixed fund since launching in 2017 with about $200 million under management.
At the latest count, the Hunter fund – managed by international bond investment giant, PIMCO – reported more than $720 million under management, sourced mostly from wholesale and institutional investors.
“The lower fees will also make the Hunter fund more competitive for retail investors,” Hildyard said.
Prior to creating the Hunter fund, he spent about eight years until 2015 marketing PIMCO in NZ after a long stint at the now-defunct Tower Investments. Tower also badged a PIMCO product, which continues today under the Fisher Funds brand.
The Hunter fund is ‘hosted’ by Implemented Investment Solutions, which is also the parent company of InvestNow.