North adds managed portfolio offering

According to North, the Buy, Badge, Build offering provides “flexibility to choose from North’s extensive menu and customize their own branded managed portfolios.”

North added that a dedicated project manager works with practices to help build and deliver the badged portfolios.

The business’ managed portfolio offer was confirmed to have passed $6 billion in assets under management (AUM) in September, more than double what was reported in August last year. North said that number is now more than $7 billion, contributing to North’s overall AUM of more than $55 billion at the end of Q3 2022.

The company said a key growth driver is the ongoing expansion of North’s Partnered Managed Portfolios (PMPs) offering, with North now partnering with advice practices to offer more than 140 PMPs, including 72 added in 2022.

Edwina Maloney, AMP director of platforms, said, “It’s been a big year for the North platform, which has delivered greater choice, flexibility and value for advisers and their clients.

“Throughout 2022, we’ve worked closely with the advice community to expand and strengthen our investment menu and offers, in particular through our expanding managed portfolio range and our new retirement income solution, MyNorth Lifetime. Our Buy, Badge, Build managed portfolio solution is another example of how we’re continuing to innovate and lead the market.

“We are committed to establishing North as the leading wrap platform on the market, providing an unrivalled combination of innovative, flexible, quality, low-cost investment solutions, enabling better outcomes for clients, and helping advisers run their business efficiently and profitably.”

North is also set to launch four new managed portfolios with investment manager Elston. The portfolios cover Australian equities, exchange-traded funds (ETFs) and managed funds, and are expected to be available to advisers and their clients in mid-December.

A total of 34 managed portfolios with eight different investment managers will have been added to North’s buy menu in 2022, bringing the overall number of portfolios available on the platform to 95.

North has also added another 28 managed funds and eight ETFs to its investment menu in the past two months.

Neil Rogan, head of adviser and intermediary solutions at Russell Investments Australia, said, “North’s new Buy, Badge, Build managed portfolio solution provides practices of all sizes a unique opportunity to tailor managed portfolios aligned to their clients’ needs and business model.

“As a leading global investment manager who customises investment programs for the world’s largest investors, it’s great to see this solution is now available to the retail market.

“It enables practices brand and builds portfolios from a broad selection of investments at a discounted price, with the confidence of knowing high-quality investment managers underpin the offer.”