Pinnacle Investment Management has backed wealth administration platform OpenInvest with $3 million in seed funding and will launch a new digital investing product, enticed by the start-up’s mission to promote professionally managed portfolios over Robinhood-style DIY trading.
The stable of boutique fund managers – which includes Hyperion Asset Management, Plato Investment Management, Coolabah Capital and Metrics – has made a balance sheet investment in OpenInvest, financed by cash on hand.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
