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AMP, Pendal launch new managed portfolio

AMP has launched a new managed portfolio through its MyNorth platform to be managed by Pendal's multi-asset team in partnership with the AMP research team.

The new retail offering will have an ESG focus with investments adhering to a responsible and sustainable framework.

AMP said the MyNorth Sustainable Managed Portfolio will be one of the first of its kind to be offered on a wrap platform in Australia.

The portfolio will be guided by three principles: transitioning to a low-carbon economy; avoiding thermal coal, tobacco, gambling, pornography and controversial weapons; and encouraging sustainable social and environment outcomes for the community in a positive way.

These principles were set by AMP in consultation with Regnan, a responsible investment advisory owned by Pendal.

The MyNorth Sustainable Managed Portfolio has an investment management fee of 0.20% per annum and estimated indirect costs of 0.69% per annum.

The fees are no higher than equivalent managed portfolios offered through MyNorth. For example, the Lonsec Balanced Portfolio charges a 0.25% investment fee plus weighted total indirect costs of 0.76%.

"MyNorth's rapid growth over the previous year and a half reflects the investments and enhancements we've made to the platform, including significant fee reductions, technology upgrades and launching a range of new managed portfolios," AMP managing director, superannuation, retirement and platforms Lara Bourguignon said.

"We'll continue to target our investment and enhancements for MyNorth toward the three aspects we know advisers and clients most value in a wrap platform: investment capability, administrative performance and value for money."

AMP director of wrap product Shaune Egan said  there is demand from financial advisers for sustainable and ethics driven investment products.

"Research shows that over half of Australia's population are considering making ethical and responsible investments in the next five years." Egan said.

"Nine out of 10 Australians also believe it's important that their financial institution invests responsibly and ethically across the board."

AMP's platform business is a member of the Responsible Investment Association Australia (RIAA).

Read more: AMPMyNorthPendalMyNorth Sustainable Managed PortfolioLara BourguignonShaune EganESGLonsec
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