NZX Wealth Technologies (NZXWT) has on-boarded its foundation client, Craigs Investment Partners (Craigs), marking the launch of the exchange’s custodial wrap platform.
The NZXWT platform enables independent financial advisors and wealth managers to better manage client investments via a single wrap platform. It is leading New Zealand financial markets infrastructure that fully integrates the core custodial wrap offering with KiwiSaver and super scheme functionality.
Craigs sought a provider with the capability to administer their range of self-managed investment solutions, which include an investment savings service, KiwiSaver and superannuation.
Craigs Investment Partners, Head of Client Services, Stephen Jonas commented: “Part of our longer term growth strategy is to provide a flexible, yet seamless online experience for clients.”
“Finding an Australasian based infrastructure provider with the capability to tailor a solution for us was difficult. This was due to the broad range of investment options we will continue to grow over time, coupled with the flexibility required for our self-managed investment products, ‘out of the box’ solutions were not suitable. This led us to partner with NZX Wealth Technologies.”
This is a significant milestone for the exchange’s NZXWT business. It will now move to grow its customer base and refine its product offering.
NZX Head of Wealth Technologies Lisa Brock commented: “The successful launch of the platform and on-boarding of Craigs Investment Partners marks a significant milestone for the NZX Wealth Technologies team. We now shift our focus to sales and product refinement as we reach out to the pipeline of potential customers who have shown interest in the product.”
Craigs have a total of $16 billion of funds under management, of which $950 million will now be administered through this new platform. Following the on-boarding of the Craigs product set, NZXWT now manage in excess of $2 billion funds under administration.