A new robo-advice start-up, named Six Park, has launched in Australia with $1.4m in seed funding.
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The Melbourne-base start-up has been founded by ex- JP Morgan employee Patrick Garrett and JP Morgan Australia CEO Brian Watson.
The advisory board of Six Park will include former Federal Finance Minister Lindsay Tanner, former Future Fund CEO Paul Costello, and Brian Watson.
"For consumers, there is a glaring lack of trust in the investment management industry. The Six Park service combines the right people with an innovative service to rebuild that trust, at a low price," Garrett said.
The robo advice platform will help investors create their own managed portfolio of ASX-listed index funds, charging less than 1% in annual fees.
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By GlobalData"The saving of 1 to 2 per cent annum our model provides compared to more traditional money management will make a huge difference to the retirement savings of many Australians, and is even more important than ever given the low return world we are facing for the foreseeable future," Watson said.
