Millinium Capital Managers, the entity responsible for the Millinium Alternatives Fund, has made a significant investment in Australian digital financial advice provider Ignition Wealth.
The move aligns with the fund's mandate to invest in high growth opportunities, Ignition Wealth said.
Millinium Capital Managers managing director Tom Wallace said: “The Millinium Alternatives Fund’s key objective is to deliver extraordinary results to our investors. Globally, digital financial advice services are demonstrating rapid growth.
“We believe that Ignition Wealth delivers the best in class offering for the Australian market and provides the best opportunity for growth.”
In June 2016, Ignition Wealth tied up with fund administrator Link Digital Solutions. Last month, the digital advice provider also announced a significant investment from Class and Countplus chairman Barry Lambert.
According to Ignition Wealth, the digital advice market is expected to gain traction in the next few years as the traditional advice industry has catered to only the top 15% of the market, leaving 85% unadvised.
Ignition Wealth CEO Mark Fordree said: “We welcome the investment in Ignition Wealth by the Millinium Alternatives Fund. It’s vital to match our capital resources with both our growth profile and market opportunities.”