Michael Saadie

One of Australia’s leading wealth advisers, JBWere, the wealth advice business within NAB Private Wealth, has announced the launch of two new active fixed income products, backed by UBS Asset Management (UBS AM). The new suite of strategies, designed exclusively for JBWere’s wholesale clients, provide access to expertly managed defensive assets at a time of increased demand for sophisticated fixed income solutions.

NAB Private Wealth Executive and JBWere CEO, Michael Saadie said these fixed income funds offer valuable and timely solutions for clients looking to add defensive components to a balanced, multi-asset portfolio.

“These new funds underscore JBWere’s commitment to offering high-quality investment solutions tailored to the specific needs of our clients, specifically those wanting high-quality defensive investment strategies,” Mr Saadie said.

“Australian investors allocated a record $6.26 billion to managed fixed income funds in the first half of the year.[1] Now, with the US Federal Reserve easing and inflation moderating, there is a timeliness to clients having access to expertly managed portfolios that deliver both global and domestic exposure and a strong defensive profile.”

The new product suite includes a domestic credit option, the UBS JBWere Australian Credit Fund, and a global credit option, the UBS JBWere International Credit Fund. Both will be available exclusively to wholesale clients of JBWere December 2025.

Partnering with a global expert in active fixed income

After a global search, Mr Saadie said JBWere chose to partner with UBS AM for the launch because of its proven expertise in managing active fixed income strategies.

“Our clients will benefit not only from UBS AM’s renowned investment expertise and oversight in this space but also from the competitive investment management fees we’ve been able to secure for this exclusive product offer,” Mr Saadie said.

“Investors can seek confidence in the heritage and track-record of both brands, and we particularly value UBS AM’s expertise in developing credit products in an environment that is likely to be conducive to solid alpha generation.”

Country Head of Australia and New Zealand at UBS AM, Alison Telfer, said “We are thrilled to have developed this fixed income offering for JBWere’s wholesale clients. These strategies are a tactical investment solution for investors who seek stability and growth in today’s complex market environment, and act as a sophisticated example of how a private wealth advisor like JBWere can work with asset managers like UBS for tailored strategies”.

“The rigorous investment oversight that comes with all of UBS AM’s investment strategies, combined with this initiative’s alignment to JBWere’s Asset Allocation Framework, offers JBWere clients the confidence that they are investing in a top-tier portfolio solution specifically designed for their needs and backed by UBS AM’s local and global expertise”.

The products will be structured as an Australian Unit Trust and will be onboarded to the JBWere Multi-Asset Platform (MAP).

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James Wright

JBWere has become a full member of the Responsible Investment Association Australasia (RIAA), the peak industry body representing responsible, ethical and impact investors across Australia and New Zealand.

RIAA focuses on encouraging investment in sustainable assets and shaping responsible financial markets underpinned by strong returns.

RIAA has over 220 members, including superannuation funds, fund managers, consultants, researchers and community trusts that manage more than $9 trillion in assets.

“Responsible investments already account for more than half of all professionally managed assets in Australia, up from 16% in 20141 and this will only continue to grow,” said Chief Investment Officer (JBWere) James Wright.

“Over the long-term, we believe that integrating environmental, social and governance (ESG) factors into the investment research, analysis, selection and monitoring process will deliver better portfolio outcomes for our clients.

JBWere already has extensive socially responsible investing (SRI) capability through its partnership with MSCI2, one of the leading providers of environmental, social and governance (ESG) research globally.

“Integration of ESG factors into the investment process is often perceived as best practice investment management.

“ESG integration is about how effectively a company is being managed in the broadest sense – it is not a ‘values-based’ judgement on the nature of the activities the company undertakes. And it’s something more and more of our clients are interested in – they have a deep social conscience and want the right fit for their investments,” Mr Wright said.

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Justin Greiner

JBWere announced it has entered into a new strategic research and distribution alliance with investment bank, Moelis Australia.

The non- exclusive arrangement will allow JBWere’s Australian clients to access a broader range of equity deals and Initial Public Offerings. Additionally, JBWere clients will benefit from access to Moelis’ specialist investment research, covering over 60 companies in Australia with a strong focus on small/mid cap companies and the real estate sector.

JBWere Chief Executive Officer, Justin Greiner, said “We are committed to providing a market leading and differentiated service to our private wealth clients”.

“This alliance with Moelis Australia is another important step forward for our business, extending what is already a comprehensive offering to our clients. We are excited to have the opportunity to partner with another leader in the financial services industry”, Mr Greiner said.

Andrew Pridham, Chief Executive Officer of Moelis Australia, said “We are delighted to establish this alliance with JBWere given it is such an established and respected private wealth manager. We look forward to working with their network to deliver both our differentiated small and mid-cap equity research and access to our pipeline of Equity Capital Market transactions”.

The alliance with Moelis Australia is part of JBWere’s strategic plan to diversify its research and distribution arrangements. Earlier this year, JBWere announced a non-exclusive arrangement with investment bank, UBS.

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Andrew Hagger

JBWere announced it has entered into a new strategic alliance with investment bank UBS, which will strengthen its wealth management capabilities and allow a broader offering to its private wealth clients.

JBWere is embarking on a new strategy of non-exclusive research and distribution arrangements. Today’s announcement with UBS is the first of these agreements.

The non-exclusive arrangement will allow JBWere’s Australian clients to access UBS’s pipeline of equity deals and IPOs as well as accessing domestic and international investment research, covering more than 3,000 stocks in Australia, New Zealand and internationally.

JBWere CEO Justin Greiner said: “The alliance with UBS is fantastic for our private wealth clients and will allow them to access a large and diverse range of world-class research and products.”

“For 175 years, JBWere has helped grow and protect the wealth of our private wealth clients and we have a responsibility to continue to access the best possible research and product offering in an evolving market. The alliance with UBS will allow us to further fulfil this responsibility”.

Anthony Sweetman, Head of Corporate Client Solutions, UBS Australasia said: “The alliance allows two of the oldest and most prestigious financial services firms in Australia to continue to help their respective clients achieve their goals. The strategic partnership both strengthens our distribution network for equity capital market transactions and offers JBWere access to our leading global investment research.”

National Australia Bank (NAB), the majority shareholder in JBWere, has also announced today that it will exercise its option to acquire the remaining 19.9% share in JBWere from Goldman Sachs, reinforcing NAB’s commitment to the private wealth manager and its clients.

“We are pleased to also announce that NAB has purchased the remaining share of JBWere from Goldman Sachs. JBWere plays an important role in our client offering, and this deal cements our commitment to our clients and business,” said NAB Wealth Group Executive Andrew Hagger.

JBWere New Zealand will not be impacted by this change and will continue to work on its own arrangement with Goldman Sachs.

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JBWere CEO, Justin Greiner, said the new appointments will further enable JBWere to focus on improving client experience, and the growth and development of the business.

“For more than 175 years JBWere has been at the forefront of wealth management, offering premium wealth strategies, advice and investments to Australia’s most successful people, companies and “For-Purpose” organisations.

“The industry is changing, advice needs are changing, and as a result we are seeing a significant shift in the way businesses operate. As a business, it is important to set ourselves up for ongoing success in a way that allows us to be flexible, innovative and dynamic.

“We want to deliver on our mission to build a world-class private wealth business, and I have no doubt that these appointments will build on the resources and personnel we currently have to help us achieve this goal”, Mr Greiner said.

General Manager Advice – Neville Azzopardi

Neville Azzopardi will join JBWere as General Manager – Advice. Neville brings more than 20 years’ experience in Wealth Management and Private Banking both in Australia and overseas. Neville was most recently the National Head of Markets at UBS Australia, where he oversaw over 100 high net worth client advisers. Prior to this Neville was Managing Director and Singapore Country Team Head for UBS Wealth Management in Singapore.

General Manager Products & Markets – Ariane Barker

Ariane Barker will join JBWere as General Manager – Products & Markets. Ariane brings more than 20 years’ experience in international capital markets and finance. Ariane has previously worked at Merrill Lynch, Goldman Sachs and HSBC. Her most recent Executive role was Vice President – Equities in Hong Kong, a role which focused on the Institutional Client Global equity build for HSBC Asia.

Head of Operations and Strategic Delivery – Gerrik Gratz

Gerrik Gratz has accepted the role of Head of Operations and Strategic Delivery. Gerrik has been with JBWere since 1999 and has led teams in Distribution, Operations and Technology. Most recently Gerrik has been leading the Investment Services business as well as having responsibility for Strategic Planning at JBWere.
The appointments take effect on Monday, 23 November

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Mr Dass joined JBWere in November 2012 and will lead a team dedicated to providing specialist advice to both non-profit organisations and private clients in areas ranging from the structuring of philanthropic giving to governance structures and organisational strategy.

JBWere CEO Justin Greiner said: “Working with and servicing charitable and not-for-profit clients has been a key cornerstone of the growth and history of JBWere over its 175 years of existence.

“We are delighted to have someone of Shamal’s experience lead the Philanthropic Services team. Client needs are evolving and Shamal’s experience advising clients on their philanthropic structures – as well as building investment portfolios and managing trusts and foundations – will allow us to continue to grow our business to meet these changing needs.”

Speaking of his appointment Mr Dass said: “I am excited to be leading a team of highly skilled professionals dedicated to providing a market-leading experience to our clients. We are committed to helping our clients achieve their mission by providing tailored strategic advice and exclusive development and capacity building opportunities.”

In 2001 JBWere established a dedicated Philanthropic Services team to provide specialist services to the firm’s charitable and NFP clients, as well as individual clients and family groups with an interest in philanthropy.

JBWere’s Wealth Management and Philanthropic Services teams manage over 350 accounts for clients that operate in a not-for-profit, tax-exempt environment with FUM exceeding $2.8 billion.

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A white paper released yesterday by JBWere – The evolution of SMAs: what do planners and investors really want? – reveals that investor use of SMAs has rapidly increased to the highest level on record, with 20% of financial planners now using SMAs as part of a client investment portfolio[1].

The prime drivers of this growth have been increasing investor education on financial products, combined with substantial administrative pressures faced by advisers, said JBWere Chief Investment Officer James Wright.

“Investors are increasingly choosing full control and transparency when it comes to their retirement portfolios in particular – with assets in the SMSF segment expected to more than triple to over $2 trillion by 2033, the funds involved are huge and growing rapidly,” said Mr Wright.

“Financial advisers are feeling the effect of this trend by spending more time monitoring and administering direct investments for clients, which combined with a new wave of regulation, is creating major commercial pressures on their businesses,” he said.

Despite increasing investor preferences for direct investments over managed funds, just under half (48%) of advisers were not interested in investing further in direct shares for their clients because of the administrative work involved in monitoring individual stocks[2]. For these advisers, SMAs presented a way for their clients to be invested in a transparent portfolio of equities, while outsourcing the management function to a professional, said Mr Wright.

“Stock selection, portfolio rebalancing, administration and after-market support are outsourced to the manager of the SMA, as well as responsibility for handling of corporate actions,” he said. “This means there is no need to provide clients with individual Statements of Advice (SoAs) every time the composition of the portfolio changes.”

While the SMSF sector currently holds just under a third ($193 billion) of its total assets in direct equities, a majority of planners actually believe these clients would be better off in SMAs. Given the tax efficiencies and convenience of outsourcing the management function, combined with a low overall management cost, SMAs were an ideal vehicle for investors holding equities through an SMSF, said Mr Wright.

“SMAs make a huge amount of sense for SMSF investors – they allow full transparency and ownership of stocks, without the investor buying into tax events and crystallising capital gains, and eliminating the hassle of having to monitor individual stocks on a daily basis,” said Mr Wright. “For those who may have opted out of managed funds in previous years due to cost considerations, the lower management fees should also appeal.”

Looking ahead, JBWere sees that the two key barriers to further growth in the SMA market would be education and availability. Despite a growing interest in the benefits SMAs offer, many advisers still felt they didn’t know enough about issues like the risks and tax advantages of SMAs to be able to answer more complex client questions.

“Both SMA providers and dealer groups must lead the charge in providing advisers a more comprehensive range of educational materials around the features and uses of SMAs in order for the market to achieve further growth,” said Mr Wright. “While the potential is there, supporting advisers to confidently explain SMAs to their clients will allow SMA inflows to be less inhibited than in previous years.”

“The addition of SMAs to more of the major dealer group platforms should also drive a surge in investor take-up,” Mr Wright concluded.

———–

[1] JBWere/Investment Trends 2015 SMA Report

[2] JBWere/Investment Trends 2015 SMA Report

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Andrew Tracy

Australian financial advisers are using separately managed accounts (SMAs) at their highest ever recorded level, according to a new report released by private wealth firm JBWere and research firm Investment Trends.

The February 2015 JBWere/Investment Trends SMA Report found that 20% of financial advisers were now using SMAs for client investments, while a further 23% planned to start using SMAs in future.

One of the largest research studies of Australian financial advisers using direct equities and SMAs in client portfolios, the report surveyed over 650 advisers on their experience and usage of SMAs versus investing directly in shares.

The survey found almost half (48%) of advisers who currently use direct equities for their investor clients’ portfolios said the work involved in monitoring individual stocks discourages them from investing directly in shares further, a sharp increase from the previous study.

Andrew Tracy, Executive Director and Manager of Financial Intermediaries at JBWere, said the results indicate advisers are increasingly turning to SMAs to relieve the administrative requirements of investing directly in equities in client portfolios.

“A growing number of clients are seeking the transparency of investing directly in shares, so for advisers this means monitoring individual stock activity and issuing statements of advice for multiple clients on a daily basis, all of which is not scalable as the business grows,” said Mr Tracy.

“SMAs provide an efficient solution for advisers with these types of clients, allowing them to outsource the day-to-day management aspects of maintaining an equity portfolio while maintaining the transparency and simplicity that clients value in direct share investments.”

SMAs and SMSFs a perfect match

The report indicated this was particularly the case for SMSF investors, with over half (51%) of advisers who use SMAs saying they believed SMAs were more appropriate for their SMSF clients than investing directly in equities. When asked why they recommend SMAs to clients, advisers nominated the fact that they allow clients to see the underlying shares in the portfolio (46%), they were less of an admin burden than direct shares (45%) and that SMAs were an efficient way to access professional funds management (42%).

“It’s pleasing to see advisers beginning to recognise that SMAs offer the ‘best of both worlds’ in terms of providing the efficiency and expertise of professional funds management, as well as the transparency of a direct equity portfolio,” said Mr Tracy. “This is especially important for SMSF clients, who generally value transparency and control of their investments, but are also looking for assistance on the management and reporting side.”

In terms of barriers to use, availability on investment platforms was a key consideration for advisers, with over 20% of advisers who currently recommend SMAs saying they were not available on their platform. Advisers who had not used SMAs before were more likely to cite an education gap as their key barrier to using SMAs, with over 40% saying they didn’t know enough about them.

“Availability on platform remains a key issue that SMA providers are working through as an industry,” said Mr Tracy. “We’ve made significant progress on this in the past year, with eleven platforms adding SMAs to their offering, allowing 25% of planners to now have access to SMA’s on their primary platform. We expect adviser take-up to continue to improve during 2015 as a result.

“There is also a broader opportunity for SMA providers here around education – it’s clear that advisers view SMAs as an extremely valuable tool in client portfolios once they understand their benefits and begin to use them regularly. The challenge for providers is to keep up that process of education, both to planners and Australian investors as a whole.”

The evolution of SMAs

The report also uncovered that advisers are beginning to see the benefits of SMAs beyond their traditional uses as a high net worth investment vehicle, with over 50% of advisers who were considering using SMAs saying they would like them to be cost-effective for their low balance clients. Advisers were also beginning to see potential in SMAs beyond the Australian equity space, with almost 70% of potential SMA users saying they would like to have access to an international equity SMA, 41% wanting access to a fixed income/hybrid securities SMA and 45% interested in accessing a multi-asset SMA.

“With the growth of the category we are beginning to see advisers look beyond the ways they traditionally use SMAs, both in terms of asset classes and also the type of client they are most suited to,” said Mr Tracy. “With minimum investment costs having come down significantly in recent years, and an increasingly varied product range available in terms of exposures and strategies, it makes sense for advisers to consider how they can replicate the benefits of SMAs beyond a client’s Australian equity allocation.”

The report predicts SMAs will continue to grow in popularity among advisers and investors over the next few years, with current SMA users predicting 24% of their funds under advice will be allocated to SMAs by 2018, compared to 13% currently.

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