AMP moved to strengthen the managed portfolio offering on its flagship wrap platform.
Wealth manager AMP added Zenith Investment Partners and Quilla Consulting to the managed portfolio range on MyNorth, and will partner with advice practices to create dedicated partnered managed portfolios, ensuring firms can access portfolios tailored to their preferred strategies.
AMP said it conducted an extensive due diligence process before approving the firm's offerings, eventually coming to the conclusion both offered "great value for clients".
The wealth giant has teamed up with Weinberg Private Group to launch the partnered managed portfolios offer. AMP's managing director of wealth products and platforms Rod Finch noted the growth in demand for portfolios which tended to individual client needs.
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"Zenith Investment Partners and Quilla Consulting offer high-quality, in-demand portfolios that represent great value for clients, while our partnership with leading advice business, the Weinberg Private Group, has launched our Partnered Managed Portfolios offer," Finch said.
"Shifting adviser business models and increased demand for managed portfolios are providing great opportunities for more advice practices to develop investment portfolios specific to the needs of their clients."
Recent AMP research shows managed portfolios have grown to manage more than $62 billion in assets, due in part to advantages such as reduced operational risk - managed portfolio transactions are generally centrally implemented - and not requiring the production of a statement of advice for every transaction.