Online model for investors
IPAC Securities is due to launch an online funds business in October.
Thursday, September 14th 2000, 11:20PM
The site will mainly be promoted through Xtra's new personal finance channel, My Money, which is due to go live in early October.
My Money will have six subsections covering various aspects of the personal finance including share trading, lending, banking insurance and investment.
IPAC has secured exclusive sponsorship of the investments sub-channel. Under this arrangement IPAC will be able to promote its Fund Source business, which will be a separate website, to Xtra's 250,000 customers.
FundSource plans to team up with at least 12 fund managers, called investment partners, who will then be able to sell their funds through the IPAC site.
IPAC general manager David van Schaardenburg says the four and five star rated funds of each investment partner will become part of IPAC FundSource's Select List.
Investors will get free entry into all the investment partners' funds. However, like with other online managed fund bucket shops, fund managers will pay FundSource a trail commission on investments sold.
Besides getting access to the largest portal in New Zealand managers will be able to provide some content to FundSource.
Van Schaardenburg says FundSource allows managers to sell their products online under a new brand.
FundSource will be driven off IPAC's managed fund database and it will provide basic fund information, performance data, fund ratings, fund sizes and education information.
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