Commonwealth Private Limited, a subsidiary of Commonwealth Bank of Australia, has launched a new offering for wholesale investors with the help of J.P. Morgan Asset Management (JPMAM).
Private Wealth Advantage is a self-directed investment option for wholesale investors informed by insights from JPMAM, cementing its strategic alliance with Commonwealth Private.
The solution is a multi-asset class wealth offering, providing wholesale investors access to a range of investments and products, including domestic and offshore listed ETFs and equities, hybrid securities, thematic investing, direct equities, margin lending capabilities and foreign exchange solutions.
Private Wealth Advantage also includes managed accounts, including diversified portfolios and single-asset class, and managed funds including private markets, alternatives and global real assets, as well as access to IPOs and placements and wholesale fixed income over-the-counter (OTC) bonds.
Available strictly to wholesale investors, it will provide general advice only to assist experienced investors in making informed decisions, reflecting the needs of wholesale investors.
CBA executive general manager, wealth and private, Susie Grehl, said this solution allows investors to benefit from the knowledge of both the Commonwealth Private investment research team and 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,” Grehl said.
“This helps our clients to take an active role, while benefitting from the high-quality service clients expect and enjoy from Commonwealth Private.”
Commonwealth Private offers bespoke and personalised banking services for high-net-worth Australians.
Speaking on the strategic alliance, Andrew Creber, JPMAM chief executive for Australia and New Zealand, said the two organisations are a “natural fit” with 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.”
Earlier this year, Commonwealth Private sold its personal financial advice business to LGT Crestone in a deal which comprised 500 clients, 38 staff and over $5 billion in client assets. LGT Crestone is part of family-owned private banking and asset management group LGT Group, which has over $630 billion in client assets and is owned by the Princely Family of Liechtenstein.
