Spiro Pappas appointed to chair OpenInvest board
OpenInvest, the Melbourne-based fintech that enables self-directed investors to access highly credentialled asset and wealth managers via its engaging digital platform technology, has announced the appointment of Spiro Pappas as chairman.
Mr Pappas brings over 30 years’ experience in senior leadership roles in banking and finance to the OpenInvest board.
“We’re delighted that Spiro has agreed to invest in the business and join us in the role of chair,” OpenInvest co-founder and CEO Andrew Varlamos said.
“Spiro has extensive experience within the financial services industry globally, and a deep understanding of technology trends, and shares our passion for leveraging digital technology to provide mainstream Australians with easier and lower-cost access to professional asset and wealth management expertise.”
OpenInvest hosts the OpenInvest marketplace, offering self-directed investors access to some of the world’s best asset managers, including BlackRock and Schroders. It also offers its unique technology to underpin digital managed portfolio solutions for its partners, including wealth managers, brokers, and banks.
Mr Pappas’s senior leadership experience in the banking industry includes stints as NAB’s Executive General Manager for International Branches and Innovation, and as CEO Asia and Executive General Manager Corporate and Institutional Banking, as well as more than a decade fulfilling several senior roles at ABN AMRO Bank, based in London.
“When two of OpenInvest’s original investors introduced me to Andrew, I was immediately impressed with the company and its vision,” Mr Pappas explained.
“It was clear that the OpenInvest team had developed an engaging and easy-to-use technology, providing a means by which the best asset management and wealth management companies could reach mainstream Australians, digitally.”
“OpenInvest is a solution that has the potential to revolutionise the way mainstream Australians invest and it couldn’t be timelier, given volatile sharemarkets, ultra-low interest rates, the increasing cost of personal advice, and the current needs of self-directed investors, including SMSF trustees.”
Spiro Pappas also serves as chairman of Splitit (ASX: SPT), Atlas Iron Limited and Cognian Technologies, and is an independent board member of OpenLearning (ASX: OLL) and DataMesh.
He joins former CEO and Director of Schroders Australia Greg Cooper, experienced financial services senior executive Susan Allen, and former CEO of Class Super and director of Countplus David Smith as non-executive directors of OpenInvest.
To underpin the next phase of OpenInvest’s development, the business has also completed a Series A funding round, in which Mr Pappas played a key role.
“I’m delighted that many of our initial shareholders and a number of new investors have agreed to back our team as we take OpenInvest forward,” Mr Varlamos said.
“We take great pride in also announcing today that BlackRock, the world’s largest asset manager, has gone live on the OpenInvest marketplace (see separate release). And last week, Melbourne-based wealth management firm Collins House announced the launch of its new online managed portfolio solution, Collins House Online, underpinned by OpenInvest.”
“We have a terrific pipeline of top-tier asset management companies wanting to join the OpenInvest marketplace, and a number of major firms with whom we are partnering to give them their own digital managed portfolio solution, and I fully expect to be able to make further significant announcements in the months ahead,” Mr Varlamos added.