CBA’s Commonwealth Private Limited has launched Private Wealth Advantage, a self-directed investment option for wholesale investors.
The offering is in conjunction with J.P. Morgan Asset Management (JPMAM), through a new strategic alliance with Commonwealth Private.
Susie Grehl, CBA’s Executive General Manager, Wealth and Private, said: “Commonwealth Private’s clients will benefit from the strength of our Investment Research Team, coupled with JPMAM’s global research and asset allocation insights.
“With Private Wealth Advantage, our wholesale investors can make their own investment decisions. Clients can access a wide range of quality investment opportunities, which have been researched and reviewed by a professional investment team. This helps our clients to take an active role, while benefitting from the high-quality service clients expect and enjoy from Commonwealth Private.”
Access to quality-grade investments
Private Wealth Advantage offers a multi-asset class wealth offering. The range of investments and products clients can choose from includes:
- Managed Accounts: Diversified Portfolios and Single Asset Class
- Managed funds including Private markets, Alternatives and Global real assets
- Domestic and offshore listed exchange-traded funds (ETFs) and Equities
- Hybrid securities
- Thematic investing
- Direct equities
- Access to IPOs and placements
- Wholesale fixed income – Over-the-counter (OTC) bonds
- Margin Lending capabilities
- Foreign exchange solutions.
Also read: Challenger IM LiFTS Meet Growing Demand for Private Credit
The launch represents a re-entry of sorts for the Commonwealth Bank into wealth management, targeting high-net-worth individuals, without providing specific financial advice.
Commonwealth Private had previously sold its personal financial advice business to LGT Crestone late last year, involving about 500 customers and $5 billion in assets.
Andrew Creber, Australia and New Zealand CEO, JPMAM, said: “As a leader in active management, with fiduciary responsibility at the heart of what we do, entering into a strategic alliance with a leader in private wealth is a natural fit. Our organisations share aligned goals and values.
“I am confident that with the strength and reach of both our businesses, we will be able to create differentiated, one-of-a-kind client solutions.”
