It’s been revealed that assets under management have exceeded $4 billion, which is also a four-fold increase from September last year.
AMP’s director of platforms, Edwina Maloney, said the rapid growth of North’s managed accounts reflect the range on offer, with 65 new investment options added in October and November alone.
Earlier this month, 12 ESG-focused investment options were added to North’s menu, as well as another eight technology and innovation-based investments.
“The underlying investments in our managed portfolios are fully transparent, helping clients better understand how their money is invested, particularly when it comes to specialist investment strategies like environmental, social and governance (ESG),” Ms Maloney said.
“They are responsive to market volatility and provide tax benefits, given the client is the beneficial owner of the underlying assets. They’re also cost efficient, with North’s scale allowing us to negotiate discounts on the funds that form part of our portfolios.”
AMP announced expansions in July and October, most recently adding Australian equities and exchange-traded funds to its MyNorth managed portfolios.
According to North’s research, advisers are increasingly turning to managed portfolios boosting the funds under management across the managed portfolio industry from $80 billion at the end of 2019 to $110 billion on 31 December 2020.
“Importantly, managed portfolios also allow advisers to spend more time with clients, confident that high quality investment managers are taking care of their investments,” Ms Maloney said.
