Fintechs call out old-fashioned fund managers
Australian fintech and global fund manager, AtlasTrend, is growing its online investment platform to disrupt the traditional funds management sector, following a $2.8 million capital raising from investors including early backers of fintechs, SocietyOne and Addventure Fund.
AtlasTrend co-founders, Jade Ong, Kevin Hua, and Kent Kwan, said there was little reason to support traditional fund managers who continued to charge large fees for infrequent reports in ‘jargon loaded language' and with limited portfolio transparency.
"The pace of technological disruption in the funds management industry is increasing; we see a real opportunity to utilise technology," they said.
"[We] provide retail investors with a transparent, engaging, and hassle-free online investing experience in actively managed funds that provide exposure to some of the most thriving global commercial trends."
Investors in the capital raising, including ex-Macquarie Group senior executives, were spurred on by the new tax incentives for start-up investors as part of the Federal Government's roll-out of the National Innovation and Science Agenda. Former Macquarie executive director, Greg Mackay, has also joined the AtlasTrend advisory board.
AUTHOR
Hope William-Smith
Recommended for you
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
Perpetual has confirmed it has entered into an exclusivity agreement with a US private equity firm to progress discussions regarding the sale of its wealth management division.
Paradice Investment Management has become the latest fund manager to launch an active ETF version of its managed fund, placing greater emphasis on retail distribution.
