Fidelity unveils first managed portfolio

Fidelity managed account

Fidelity has released its first separately managed account, which has a focus on a portfolio of actively managed Australian equities.

Global funds management group Fidelity International has launched its first separately managed account (SMA) into the Australian market, with the product centred on an actively managed Australian equities model.

The SMA will be rolled out in partnership with managed account provider Praemium and is the result of joint development with a mutual long-term client of both companies to bring an SMA to market. Fidelity International portfolio manager Kate Howitt will oversee the underlying portfolio.

Fidelity Australia head of wholesale sales Simon Glazier said: “The SMA structure makes sense for the right client because investors own the shares they’re invested in, which can offer tax benefits, but don’t have the administrative burden of investing directly in the stock market.

“At the same time, they’re benefiting from the expertise and research resources of a professional manager.”

Fidelity Australia managing director Alva Devoy said the new product would create a channel for investors to access the manager’s extensive global research capability.

“Fidelity is uniquely positioned to offer a broad set of services across asset management thanks to the breadth of our business and global footprint. By offering these new capabilities, we can develop stronger, deeper relationships with our clients,” Devoy said.

Speaking about the joint approach to developing the SMA, Praemium head of investment managers and governance Damian Cilmi said his firm was focused on providing access to high-quality managers and investment options.

“As one of the largest, most experienced global asset managers, Fidelity International recognises the importance of offering managed account solutions to meet the diversified and growing needs of investors and we are delighted to be their platform of choice for their first SMA,” Cilmi said.

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