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InvestNow buys RaboDirect's Managed Funds product line

Wellington, New Zealand-based managed funds platform InvestNow has completed the acquisition of RaboDirect's Managed Funds product line.

As part of the acquisition, the customers of RaboDirect Managed Funds will be offered the option to have their fundholdings transferred to the InvestNow platform.

The deal excludes RaboDirect customers' Cash Advantage Fund and Term Advantage Fund holdings.

The Managed Funds product line is a specialist online savings business of Rabobank New Zealand Ltd., which is a unit of the Netherlands' Rabobank.