Commonwealth Private, a business arm of Commonwealth Bank of Australia (CBA), has teamed up with JP Morgan Asset Management (JPMAM) to launch a self-directed investment option for wholesale investors called Private Wealth Advantage.
“The alliance between CBA and JP Morgan leverages the combined strength of two market leaders, Australia’s largest and most trusted retail bank and one of the most pre-eminent global asset managers,” CBA wealth and private executive general manager Susie Grehl explained.
“We combine Commonwealth Private’s investment research team with JP Morgan’s global scale, research and asset allocation insights for the benefit of high net worth clients. In addition, we’re also leveraging JP Morgan’s global scale to access products and services not readily available to retail customers.”
Clients of Private Wealth Advantage can access managed accounts, managed funds, domestic and offshore listed exchange-traded funds and equities, hybrid securities, thematic investing, initial public offerings and placements, wholesale fixed income, such as over-the-counter bonds, margin lending facilities and foreign exchange solutions.
JPMAM Australia and New Zealand chief executive Andrew Creber said his firm was delighted to enter the partnership with CBA as the arrangement will provide a point of difference compared to the other offerings currently in the market.
“We’re very thoughtful when it comes to entering into a strategic alliance. There needs to be a clear alignment of goals and values between the two organisations. JP Morgan Asset Management, as a leading global active manager, is first and foremost a fiduciary with clients at the centre of everything we do,” Creber noted.
Private Wealth Advantage is available to individuals who satisfy the wholesale investor requirement of having net assets exceeding $2.5 million or a gross annual income of at least $250,000 for each of the past two financial years.
Clients will have access to specialist research and insights, a dedicated investment director and a platform that operates 24 hours a day, seven days a week.
