EQT appointed operator of fintech uXchange

26 July 2017

Equity Trustees has been appointed the operator for Sydney-based fintech, uXchange.

uXchange provides a low-cost alternative to investors to access and integrate unlisted and global assets in their investment portfolios and is part of WealthO2’s suite of adviser tech solutions.

Equity Trustees’ executive general manager, Corporate Trustee Services, Harvey Kalman, said it was exciting for Equity Trustees to be appointed the operator of a start-up that was offering a new service that would facilitate Australian investors to diversify their investment portfolios.

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“Much has been said and written about how SMSFs are heavily weighted towards cash and Australian blue chips, so a service that can help those trustees who want to diversify to do so is a welcome addition to the industry,” he said.  

Kalman said Equity Trustees had worked closely with WealthO2 since the project was first mooted last year, “with our responsibility to ensure this IDPS-like scheme operates within the regulatory framework and provides certainty to the investors using it”.

He said the role of ‘operator’ was similar to that of responsible entity (RE), except it was applied to IDPS-like schemes.

“Although this differs to our normal managed investment schemes, which explains why we have been appointed the operator and not the RE, WealthO2 was attracted to Equity Trustees because of our reputation in the market and in recognition of the benefits we offer as an experienced RE, especially convenience and industry knowledge about all the compliance and regulatory responsibilities involved with this new service.

“Like our fund manager clients, it means WealthO2 in its role as administrator and promoter of uXchange can be confident it is meeting all its regulatory requirements and industry best practice standards,” Kalman said.

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