Openwork to launch income product as Omnis funds hit £1bn

Openwork will add an income solution to its multi-asset fund range next year following the news that Omnis, its investment proposition, has attracted £1bn of new assets just 10 months after launch.
Rolled out in February 2014, the Omnis ‘Graphene’ fund proposition includes three risk-rated model portfolios, Cautious, Balanced and Adventurous, which comprise seven sector funds managed on a mandate basis by fund managers including Schroders, Jupiter and Threadneedle.
Having raised almost six times the initial volume required for full investment during their initial four-week offer period, the highly diversified funds – which cover all major asset classes including UK, US and international equities and global and UK fixed income – have gone on to attract £1bn.
Philip Martin, Marketing Director at Openwork, said: “To have reached the £1bn milestone in just ten months is a phenomenal achievement which speaks both to the quality of the proposition and the fantastic support Omnis has had from our advisers.
“As we approach its first anniversary we are seeking ways to broaden our offering and it would make sense, particularly in light of pension liberalisation, to focus on widening our income proposition. It is something for which we see a real demand but, in line with the existing funds, it will not be an off-the-shelf product – this will be a modern income solution that properly caters for the needs of our advisers and their clients.”