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Sydney, Sep 1, 2008 AEST (ABN Newswire) - One of Australia 's leading asset consultants, Grove Research and Advisory, has launched an online term deposit shop to help wholesale investors compare rates and invest with a number of Australia 's leading financial institutions.
The news comes shortly after the advisory team from Standard and Poor's joined Grove. According to Grove's Managing Director, Simon Ibbetson : "Term deposits have become an important part of investors' liquidity management requirements following the global turmoil in the credit markets."
Initially, the Term Deposit Shop will provide wholesale investors with comparable daily rates from Citibank, BankWest, Investec and Rabobank. In what is believed to be a first for Australian financial markets, "the Term Deposit Shop will deliver a competitive range of wholesale rates from a variety of issuers across a range of maturities through the efficiency of an online investment platform," said Mr Ibbetson.
According to Kuin Lee from Investec: "The platform allows clients to instantly access highly-competitive investment rates, and to compare rates without having to ring around for comparisons."
This is a view supported by Rabobank's Finance Manager Deposits, Mr Carlos Vieco, who believes: "The online environment is simple, transparent and easy to use and allows customers access to market competitive rates at the click of a mouse."
"Over the past 6-12 months we have seen a change in what customers expect from their investments. They have become much more informed about the risk associated with deposit products and they now take a balanced approach when deciding to invest between 'risk' and 'reward'. There is a definite increased focus on the stability and reputation of the institution they are looking to invest with," said Mr Vieco.
According to Ms Lee: "It is also comforting for investors to know that Grove have paved the way by performing their own due diligence on the banks included on the platform."
"The Grove platform gives Investec exposure to a wider client base, some of whom may not know much about us. And of course, those that do know us now have a platform to instantly compare our rates and see how competitive we really are," added Ms Lee.
According to Mr Ibbetson: "There is strong demand from a range of industries for term deposits, which is being driven by the flight back to the banks and the higher cash rate. Grove has long and well established relationships with local governments, universities, health funds, charities and aged care facilities and with the high cash rate it is a good time to invest in term deposits."
"There has never been an online portal like this, providing the customer with a marketplace to access competitive rates and invest. By providing investors direct access to the issuer through a convenient online buying and reporting facility we hope to create a competitive environment for the issuers."
The Term Deposit Shop is delivered through Grove Portfolio Online (GPO). For further information please contact Grove on:
Tom Godfrey on: TEL: +61-449-681-282 or tom@bellgeorge.com
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The Grove Term Deposit Shop helps wholesale investors compare rates and invest online. All issuers listed on the www.termdepositshop.com are APRA-regulated Authorised Deposit-taking Institutions (ADI's). Grove Portfolio Online (GPO) has serviced wholesale clients since 2001, for further information visit www.groveonline.com.au.
Grove is owned by a number of private investors and Western Financial Services. It has been in operation since 1991 and has well over 100 clients. Many clients have been with the business in excess of a decade. Grove provides active portfolio advice and reporting on about $5 billion of client investment. Clients include Superannuation Funds, Dealer Groups, Fund Managers, Councils, Universities, Health Funds, Corporations and High Net Worth individuals.
