Investors and financial advisers now have access to the world’s leading portfolio administration system, following today’s launch of Navigator in Singapore.
Investors and financial advisers now have access to the world’s leading portfolio administration system, following today’s launch of Navigator in Singapore.
Navigator is a comprehensive financial planning service that allows investors to manage and control all of their managed funds in a single, efficient and flexible manner. Navigator achieves this by using the master fund concept, built on a state of the art software platform.
Navigator gives investors seamless access to an array of managed funds, and allows them to move efficiently – and quickly – from one to another taking advantage of changes in their investment strategy. Investors use this vital facility during rapidly changing economic conditions, as a result of changes in their individual circumstances or due to changes in individual fund performance.
Pioneered in Australia in the early 1990’s, Navigator now administers more than A$8 billion – and has been growing exponentially at around 20 per cent per year. The open architecture model - which means investors can use Navigator as a tool to simply access managed funds, obtain access to quality research and efficiently move from one managed fund supplier to another - has proved very attractive to Australian investors.
Launching Navigator in Singapore, Group Chief Executive of Norwich Union Australia, Mr Rob Garnsworthy, said, making Navigator available in Singapore was very rewarding.
“Financial planners have been calling for a Navigator-style investment tool for a number of years. It is only now that the appropriate legislation has been approved that we are able to satisfy this demand. We congratulate the Monetary Authority of Singapore (MAS) on recognising the need to allow systems such as Navigator to operate in Singapore and look forward to justifying the faith placed in this concept.”
Navigator and Norwich Union are wholly owned entities of the AVIVA Plc Group, (formerly CGNU Plc) listed on the stock exchanges of London, Dublin and Paris.
Mr Garnsworthy said Navigator had decided upon Singapore as its first market outside Australia because of the vision shown by the MAS, which will allow Singapore to become the financial services centre of Asia. The stable political environment the country offers and demand from advisers also made Singapore an obvious choice.
“Singapore will become the hub for Navigator in Asia. As we prove the concept in this market it will be extended throughout the region. Singapore will provide the administration and marketing support for other regional operations,” said Mr Garnsworthy.
Navigator has had a small group of senior executives based in Singapore for more than a year, establishing links within the financial advisory market and also working closely with authorities to ensure the system is compliant with the new regulatory environment.
Steve Heald has been appointed the inaugural Managing Director for Navigator throughout Asia.
Mr Heald said that over the course of the last twelve months his focus had been on tailoring the Navigator concept to Singaporean standards and working closely with those financial advisers who were likely to thrive in the new environment to educate them about the Navigator concept.
Mr Heald said he was negotiating with a number of potential distribution partners who had recognised the value of the Navigator model.
“I am very honoured to be with Navigator at such an important point in its emergence. Timing is critical and I suspect we are at the forefront of the most significant changes in the history of financial services in Singapore,” said Mr Heald.
Initially, Navigator Asia will offer investors a choice of 75 funds offered by 12 different managers. Working with advisers, investors can select the style of portfolio they believe will give them the maximum return for their specific needs and risk profile. Alternatively, Navigator offers investors a choice of Pre-mixed, pre-selected, alternatives that allow investors to match their investments to their risk appetite. Investors can choose - Aggressive, Growth Oriented, Balanced, Moderately Conservative or Conservative investment options.
Navigator also offers investors no fund manager front end loads (sales charges), no switching fees/costs and free portfolio reweighting.
Essentially, rather than having a retail relationship with the funds manager, the Navigator platform allows investors a wholesale relationship by “bulk buying” through the master fund structure. Fees and charges are totally transparent and there is no fee bias between funds.
Steve Heald said one of the key benefits for financial advisers and customers alike is the availability of our financial planning software which - when linked with the Navigator system – allows a planner to construct a portfolio with the investor and immediately implement it via the web.
“This is the first time investors in Singapore will have access to sophisticated financial planning software via their financial planners,” Mr Heald said.
A professional, independent, research unit thoroughly reviews each fund manager before they are invited to offer their services via the platform. It also monitors their ongoing performance.
Mr Heald said: “Navigator is a truly independent platform. It doesn’t own any distribution or product manufacturing capability. It outsources its research – which all add up to assuring customers they are not being steered in a direction that is not in their best interest. Our aim is to provide an environment of open architecture, which allows investors, through their advisers, to invest in the right mix of managed funds to deliver the best possible financial outcomes for them.”
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For further information please contact:
Ms Geeta Mirchandani
Account Director
Weber Shandwick Worldwide
Tel: 6825 8083
geetam@webershandwick.com
Note to editors:
- Navigator Investment Service Ltd is wholly owned by Norwich Union Holdings Australia Ltd.
- Norwich Union Australia is a group of three specialist financial services companies; Navigator, Norwich Union Life and Portfolio Partners. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Norwich Union Australia is part of Aviva plc, the world’s seventh largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
- Aviva’s principal business activities are long-term savings, funds management and general insurance. It has a market capitalisation of approximately A$27 billion at 16/07/02, worldwide premium and investment sales of more than A$72.2 billion from ongoing business and more than A$519 billion in assets under management. The group has 64,000 employees and more than 25 million customers.
- Norwich Union Australia has a sister company, CGU Insurance Ltd, a top 5 general insurance business, which operates independently in Australia.
- This document does not contain all the terms and conditions attaching to product benefits and options. For a full list of terms and conditions please refer to the Offer Document. A policy for insurance cover or an application for an issue of an interest as described in this document can only be affected after completion of the application form contained in a current Offer Document for the product.
The information in this document reflects Norwich Union's understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information is not, nor is it intended, to be comprehensive or a substitute for professional advice on specific circumstances.
The securities advice or information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision on the basis of the advice above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the advice is appropriate in the light of their particular investment needs, objectives and financial circumstances.