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
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