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North platform launches 'Blend' model portfolios with BlackRock and Lonsec
AMP's North platform has launched a new model portfolio offering called 'Blend' in partnership with BlackRock and Lonsec Investment Solutions, targeting advice practices that want customised investment solutions without full tailoring.
North platform launches 'Blend' model portfolios with BlackRock and Lonsec
AMP's North platform has launched a new model portfolio offering called 'Blend' in partnership with BlackRock and Lonsec Investment Solutions, targeting advice practices that want customised investment solutions without full tailoring.
The collaboration was announced on Monday as part of North's strategy to democratise access to model portfolios for advice practices of all sizes.
North Blend combines BlackRock's multi-asset investment expertise and global custom model portfolio technology with Lonsec's investment manager research and selection capabilities.
The platform said it was the first in Australia to offer asset customisation of model portfolios at the advice practice level, addressing traditional barriers including personalisation, incumbency and scale.
North has experienced a 50 per cent increase in advisers using MyNorth model portfolios over the past two years and is now the third largest and fastest growing managed account platform provider in Australia with more than $20 billion in funds under management.
The Blend offering allows eligible advisers to tailor portfolios to meet their practice needs within agreed parameters, building on existing client account level asset customisation launched with BlackRock and Lonsec last year.
Katie Petering, head of investment strategy at BlackRock Australasia, said the collaboration enabled advisory practices to access sophisticated managed accounts previously out of reach.
"Drawing on our 30+ years of experience in managing multi-asset portfolios and global technology for customising model portfolios, this collaboration enables advisory practices to tailor highly sophisticated managed accounts to suit their end-clients' investment preferences– something that was previously out of reach," Ms Petering said.
Nathan Lim, chief investment officer at Lonsec Investment Solutions, said the new solution would enable practices using North to create tailored portfolios for the first time on an Australian platform.
"The Blend portfolios will be supported by Lonsec Investment Solution's unrivalled manager selection and consulting expertise, as well as our broader end-to-end managed account capabilities supporting licensees, financial advisers, and their clients," Mr Lim said.
David Hutchison, AMP's general manager of managed portfolios and investments, said the solution addressed a gap in the market for practices that wanted something between off-the-shelf and fully tailored solutions.
"Not all advice practices want an off-the-shelf or full-tailored solution. To date, these practices have been 'forgotten' by platforms," Mr Hutchison said.
"The new Blend solution, only available on North, creates opportunities for advisers who don't fully outsource investment selection to step into model portfolios for the client and adviser benefits."
The platform provides advisers with portfolio performance tracking and dedicated content support, including trade notices and market commentaries that can be white-labelled for client use.
Edwina Maloney, AMP group executive for platforms, said North's managed portfolios had grown tenfold in less than four years.
"Through this innovative new offer, we're helping practices accelerate their efficiency by creating tailored, high-quality investment portfolios for their clients which are governed, managed and administered by world class asset managers utilising world class tech," Ms Maloney said.
North said manager-level customisation of model portfolios accounted for 16 per cent of all advised assets, representing a fast-growing segment that had been largely untapped by model portfolios.
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