Street Talk

Pinnacle-backed wealth platform OpenInvest seeks buyer pre-Xmas

Sarah Thompson, Kanika Sood and Emma Rapaport

Nov 12, 2023 – 4.52pm

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OpenInvest, the wealth administration platform founded by Powerwrap co-founder Andrew Varlamos and backed by Pinnacle Investment Management, has ramped up its search for a buyer, Street Talk understands.

Sources said the fintech is seeking a cashed-up investor to get it to the scale required to close large institutional transactions and reach profitability. OpenInvest’s mandate is to promote professionally managed portfolios over Robinhood-style DIY trading or robo-advisers, by facilitating everyday investor participation in managed funds.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com