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Openwork to mandate Omnis Investments for advisers

Philip Martin Openwork 480
Philip Martin: No more than 10 fund managers

Openwork is to mandate its investment offering, Omnis Investments, for all advisers from the second quarter of next year.

The firm currently operates with a panel of around 35 asset management groups and 120 funds. From next year, it will make it mandatory that all 750 Openwork investment advisers use Omnis Investments only. Omnis is a joint venture between Openwork and Octopus Investments.

Omnis currently only has a fund of funds offering managed by Octopus and single manager funds managed by Threadneedle but Openwork is talking to around eight fund managers about increasing the options available. It plans to offer funds from up to 10 asset managers.

Openwork says it will add a range of risk-rated funds that can be held in a model portfolio and a range of passive funds to its current fund of funds offering.

Proposition and marketing director Philip Martin says: “We are currently going through an exercise of due diligence and tender with around eight fund managers. I expect Omnis to be working with no more than 10 fund managers.”

Openwork advisers can use the network’s white-label platform proposition or the Zurich platform to access the Omnis offering.

Evolve Financial Planning director Jason Witcombe says: “From a personal point of view, we will remain independent because that is how we feel is best to service our clients. But I do think there is a place for restricted offerings as long as clients are getting the service they want and expect.”


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There are 6 comments at the moment, we would love to hear your opinion too.

  1. If there was any doubt that they were restricted in their client proposition this eliminates it.

  2. I would think that even the Openwork advisers would be annoyed at this. It will make recommendations difficult if clients know there is only one proposition, (that nobody has heard of). And where performance has been average at best.

  3. I should be surprised, but frankly i’m not! Having previously been a long term Zurich employee, everybody has always known that Openwork where a single tie with just a passing nod to multi tie – but this takes the biscuit – even the best salesmen will struggle to sell a singular (very average) fund and product proposition to the mass market.

    I will be very surprised if there isnt a sharp reduction in Openwork adviser numbers

  4. Openwork take a 0.25% margin on all Omnis funds, so Openwork advisers believe that they will indirectly benefit through their imaginary shares.
    Its actually a Zurich game. Zurich 100% own Openwork, Openwork 100% own Omnis. Openwork advisers will exclusively use the Zurich platform. Its kind of clever really, they will control all of rthe elements and the advisers will not be able to escape.

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