Investors will only need $1000 to invest via a new online platform offering access to global fund manager Vanguard's funds.
Investors will only need $1000 to invest via a new online platform offering access to global fund manager Vanguard's funds.
A new online platform will offer mum and dad investors the chance to access a range of investment funds which normally require hundreds of thousands of dollars as a minimum direct entry.
Investors using the InvestNow platform will only need $1000 to gain access to funds from global fund managersVanguard and Russell Investments and local fund managers Harbour Asset Management, AMP Capital and Mint Asset Management.
The $1000 can be split across four funds with a minimum of investment of $250 per fund.
Anthony Edmonds, a former head of sales and marketing for AMP Capital, who is behind the platform, said it would allow small investors entry into funds normally reserved for wholesale investors with Harbour having a minimum of $250,000 and Vanguard $500,000 for direct investment.
"It allows people to access funds that would normally only be open to wholesale funds, he said.
Edmonds said one of the funds investors could get direct access to was the Vanguard International Shares Select Exclusions Index Fund, a fund which many KiwiSaver providers used to get exposure to overseas shares.
The online platform does not charge transaction or administration fees but will get a portion of the fees charged by the fund manager.
But while the platform provides access to the funds it does not provide any advice on investing in them.
