Forming part of Openwork’s expanded investment proposition Omnis, the three risk-rated portfolios - Cautious, Balanced and Adventurous - have raised almost six times the required initial volume for full immediate investment.
The portfolios are comprised of several sector funds managed on a mandate basis by leading asset managers including Jupiter, Schroders and The Boston Company (BNY Mellon). Asset allocation is determined centrally by Openwork investment committee.
The new portfolios complement the existing Omnis proposition, which includes a number of multi-manager funds managed by Octopus and three single strategy funds managed by Threadneedle.
Openwork invests around £1.5bn in pensions and investments each year and expects Omnis to attract a significant proportion of this going forward.
Philip Martin, Marketing & Propositions Director at Openwork, said:
“Our aim with the new fund range was to leverage our size and scale to secure high-quality fund management for our advisers at a below-market price. Based on the clean share class prices announced by platforms so far, it is proving difficult for many to secure significant price advantage. Fortunately our ability to offer Omnis funds gives us far greater ability to deliver a cheaper equivalent price to customers.
The fact we have been able to seed the funds with many times more assets than required is a great endorsement of the range and means the portfolios will be fully invested immediately, giving them the best opportunity to deliver strong performance against their benchmarks.”
