Raewyn Williams

Briefcase, the Australian investment technology company specialising in tax-aware direct indexing and personalised portfolio solutions, has launched a major upgrade to its investment platform, introducing enhanced performance attribution, portfolio comparison and tax reporting tools to give financial advisers greater visibility into client portfolios.

The upgrade provides advisers with more detailed insights into portfolio performance, including the factors driving returns and the impact of individual client preferences on investment outcomes.

Briefcase founder and CEO Josh Persky said the enhancements reflect the growing demand for greater transparency and personalisation in portfolio management.

“Advisers need to be able to explain not just how a portfolio has performed, but why. As portfolios become increasingly personalised, understanding the contribution of individual holdings, exclusions and investment decisions is essential,” Mr Persky said.

“Our latest platform upgrade makes that information more accessible, helping advisers have more informed conversations with clients and demonstrate the value of personalised portfolio management.”

The enhanced platform introduces several new reporting and analysis capabilities, including:

• Performance attribution: Detailed reporting on portfolio returns, benchmark comparisons and the contribution of individual holdings. For direct indexing portfolios, advisers can also see the impact of client exclusions, portfolio optimisation, currency movements and fees.
• Portfolio comparison: The ability to compare up to three portfolios, supporting clearer analysis of different investment approaches and outcomes.
• Personalisation insights: Greater visibility into client exclusions, including specific stocks, industries and ESG factors, and their impact on portfolio exposures and performance.
• Tax and reporting tools: Improved visibility into realised and unrealised capital gains and losses, alongside downloadable reports and CSV exports.

The upgraded interface also brings performance, holdings, transactions, tax information and reporting into dedicated portfolio tabs, making it easier for advisers to access and interpret key investment data.

Mr Persky said the developments support Briefcase’s broader focus on combining institutional investment capabilities with technology that makes portfolio management more accessible to advisers.

“Technology should make sophisticated portfolio management easier to understand and implement. By bringing performance, personalisation and tax information together, we’re giving advisers a clearer picture of what is happening within their clients’ portfolios.”

The new features are available automatically to existing Briefcase platform users, with no additional setup required.

The upgrade follows Briefcase’s recent appointment of leading after-tax investing specialist Raewyn Williams to its Advisory Board, further strengthening the company’s expertise in tax-aware portfolio management and direct indexing.

Briefcase’s investment solutions are available through major Australian wealth platforms, including BT Panorama, Netwealth, Bell Direct, nabtrade and Praemium.

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Raewyn Williams

Briefcase, the Australian investment technology company specialising in tax-aware direct indexing and personalised portfolio solutions, has appointed leading after-tax investment specialist Raewyn Williams to its advisory board as new superannuation and capital gains tax rules put after-tax returns at the centre of investment decisions.

Williams was previously Managing Director of Research and Strategy at Parametric, a global leader in tax-managed investing, where she spent seven years leading the firm’s Australian research agenda and helping institutional investors improve after-tax investment outcomes.

The appointment marks another step in Briefcase’s growth as it strengthens its proprietary tax-loss optimisation technology and expands its work with financial advisers, family offices, asset managers and superannuation funds.

Josh Persky, founder and CEO of Briefcase, said Williams brings significant institutional expertise to the business at a time when demand for more personalised and tax-efficient investment solutions is growing.

“Raewyn is one of Australia’s foremost authorities on after-tax investing. She has spent her career helping some of the country’s largest institutional investors understand how tax impacts portfolio construction and long-term investment outcomes,” Persky said.

“Tax has traditionally been considered after investment decisions are made. We believe it needs to be embedded in portfolio construction from the outset, and Raewyn’s expertise will be invaluable as we develop our technology and investment methodology.”

Before joining Parametric, Williams was Director of After-Tax Investment Strategies at Russell Investments. She is a qualified solicitor and Chartered Tax Adviser, holds Bachelors of Economics and Law from the University of Sydney and is a graduate of the Australian Institute of Company Directors. She has served on several industry bodies, including the Financial Services Council’s Tax Expert Group and ASFA’s Tax Policy Subcommittee.

Throughout her career, Williams has worked closely with major superannuation funds and institutional investors on after-tax investment strategies and the practical application of tax-aware portfolio management.

The appointment comes as tax reform reshapes how Australians invest. Since 1 July 2026, Division 296 has applied higher tax rates to realised earnings on superannuation balances above $3 million. From 1 July 2027, cost base indexation will replace the 50% capital gains tax discount for individuals and trusts, alongside a new 30% minimum tax on real capital gains. For affected investors, when and how gains are realised now has a direct bearing on what they keep.

Briefcase’s offering combines direct indexing, tax-loss optimisation and ETF portfolio management to help advisers construct and manage portfolios tailored to individual investors’ tax circumstances, preferences and investment objectives.

Its proprietary technology enables portfolios to be managed at the individual security and client level, with integrations across wealth platforms, brokers and custodians supporting the delivery of personalised investment strategies at scale.

Persky said the business was increasingly focused on making investment capabilities traditionally associated with large institutional portfolios more accessible to the broader wealth management industry.

“Division 296 and the coming capital gains tax changes are bringing after-tax investment outcomes into sharper focus for advisers and their clients,” Persky said.

“At the same time, technology is making it possible to deliver highly personalised portfolios at a scale that simply wasn’t practical before.

“Raewyn will play an important role in helping us build on that opportunity, strengthening the research and investment thinking behind our technology as we scale.”

Williams said she was attracted to Briefcase’s approach of combining institutional-grade investment expertise with technology capable of delivering personalised after-tax outcomes.

“After years in tax law working with funds and managers, I was drawn into the investment world because the case for after-tax investing in Australia is compelling. Institutional investors started exploring its value years ago, but delivering the same sophistication to individual investors at scale has remained a challenge,” Williams said.

“Briefcase has developed technology that can help advisers bridge that gap, bringing together tax-aware portfolio construction, investment management and the infrastructure needed to implement these strategies efficiently.

“I’m looking forward to working with Josh and the team as they hone these capabilities and bring more sophisticated investment solutions to the Australian market.”

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The appointment brings more than 15 years of institutional banking and capital markets experience to Briefcase as it expands its tax-aware direct indexing and ETF model portfolio capabilities for advisers, family offices, managed across wealth platforms and brokers.

Michael spent more than 15 years at ANZ working in Investment banking across Resources, Energy & Infrastructure, with experience spanning project finance, export credit, debt capital markets and cross-border capital markets. He later moved into corporate leadership as Chief Commercial Officer of a fleet technology SaaS business, where he built commercial functions and drove growth.

A CFA charterholder with a Bachelor of Economics from UNSW, Michael brings deep capital markets and structuring expertise together with hands-on commercial leadership.

Josh Persky, founder and CEO of Briefcase, said Michael’s appointment adds significant institutional experience as Briefcase looks to rethink how portfolios are constructed for investors.

“Michael has spent his career in sophisticated institutional markets, understanding how capital is structured, allocated and managed,” Persky said.

“He brings technical depth and more than 15 years investment banking experience, but also the commercial expertise to turn sophisticated investment ideas into practical solutions.

“We are already seeing enormous opportunities come to us where clients are looking at more sophisticated investment capabilities to solve for customisation, better after-tax outcomes – well beyond traditional product structures and existing investment solutions. Briefcase takes a product-agnostic approach to portfolio construction – using tax-aware direct indexing, ETFs or a combination of both to build around the investor, rather than the product needing to fit the investor.”

As Head of Growth, Michael will work with advisers, family offices, wealh management platforms and brokers across Briefcase’s direct indexing and ETF model portfolio capabilities, with a particular focus on asset allocation and creating more flexible, tax-aware portfolio solutions.

Michael said Briefcase’s ability to approach portfolio construction without being tied to a particular investment product was a key attraction.

“The opportunity is to start with the investor first and foremost and work backwards,” Michael said.

“Combining tax-aware direct indexing with thoughtful ETF asset allocation gives advisers much more freedom to build around an individual client’s objectives and circumstances. That’s a powerful shift, and I’m excited to help bring that capability to more advisers, family offices, brokers and wealth management platforms.”

Briefcase’s proprietary technology allows portfolios to be constructed and managed at the individual security and client level, enabling advisers to tailor portfolios around each client’s tax position, preferences and constraints while retaining transparency and direct asset ownership.

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The appointment strengthens Briefcase’s position as a technology-first wealth platform as it accelerates the development of AI-enabled portfolio construction, automated tax optimisation and scalable direct indexing solutions for advisers, family offices and institutional investors.

Wang is a CFA charterholder with a Master of Data Science and more than 14 years’ experience across institutional portfolio management, quantitative research, data science, fintech and applied artificial intelligence.

He joins Briefcase with deep experience across both investment management and technology.

Josh Persky, founder and CEO of Briefcase, said Wang’s appointment marks an important step in Briefcase’s continued evolution as a technology-led portfolio infrastructure business.

“Briefcase is not building a traditional asset manager. We are building the technology layer that allows advisers to deliver institutional-grade, tax-aware and highly personalised portfolios at scale,” Persky said.

“Michael brings a rare combination of extensive portfolio management experience and deep AI and data science capability. He has managed institutional capital, built quantitative investment tools, led AI teams and helped financial services organisations turn emerging technology into practical products.

“That is exactly the skill set we need as Briefcase pushes further into direct indexing, automated tax optimisation and AI-enabled portfolio management. His appointment gives us greater firepower to keep building technology that can construct, monitor and optimise portfolios at the individual security level.”

At MLC Asset Management, Wang was part of the multi-asset team that managed more than $25 billion and was directly responsible for managing a $500 million institutional growth portfolio. He has also held senior data science and AI roles at RoZetta Technology and CreditorWatch, as well as consulting to asset managers, superannuation funds, financial advisers and institutional investors on generative AI, large language models and data-driven investment processes.

As Lead Portfolio Manager, Wang will help drive the next stage of Briefcase’s investment and product capability, including:

• AI-enabled research, portfolio analytics and investment decision support;
• Systematic tax-aware implementation and automated rebalancing;
• Scalable direct indexing and portfolio personalisation at the individual security level;
• Model portfolio management, governance and risk oversight; and
• Data-rich adviser reporting and platform infrastructure.

Unlike traditional asset managers built around pooled investment products, Briefcase’s proprietary technology allows portfolios to be constructed and managed at the individual security and client level. Advisers can tailor portfolios around each client’s tax position, preferences and constraints, while retaining transparency, direct asset ownership and systematic portfolio oversight.

Wang said Briefcase’s technology-first model and direct indexing capability made the role a compelling opportunity.

“Briefcase sits at the intersection of investment management, fintech and AI, which is where some of the most important change in wealth management is happening,” Wang said.

“Direct indexing changes the foundation of portfolio construction. It makes it possible to build portfolios around the individual investor, rather than the average investor in a pooled product. When that is combined with tax-aware implementation, systematic decision-making and AI-enabled tools, the opportunity to improve outcomes for advisers and clients is significant.

“I’m excited to help build the next stage of Briefcase’s technology platform and investment capability, and to keep pushing what modern portfolio management can look like in Australia.”

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Its Balanced (12.3%) and Growth (14.7%) models ranked first among comparable multi-asset SMA portfolios available on Praemium and labelled Balanced and Growth respectively, while the High Growth (15.9%) model ranked second, marking the portfolios’ one-year implementation milestone on the platform.

“Australian advisers deserve access to genuinely differentiated investment thinking,” said Josh Persky, founder and CEO of Briefcase.

“For too long, the model portfolio market has rewarded conformity – strategies built to look like each other rather than to serve clients. These results suggest the industry is ready for a different conversation about how portfolios should be constructed, and what an alternative, unconflicted approach can deliver.”

The Growth model returned 14.7% for the year, outperforming comparable multi-asset SMA portfolios available on Praemium also labelled Growth. Balanced and Growth both ranked first within their respective peer group categories over the full 12-month period.

Over the six months to 31 March, performance remained resilient amid heightened market volatility, including a late-period sell-off linked to geopolitical tensions. During this period, Briefcase was among a smaller number of managers to deliver positive returns, while many comparable portfolios recorded negative outcomes.

“We built this framework to avoid the extremes – not to predict markets, but to understand the odds and construct portfolios that can withstand stress,” said Martyn Wild, Chief Investment Officer at Briefcase.

“The results reflect how a consistent application of our probability philosophy across different market conditions can lead to more resilient and risk-aware outcomes for clients.”

Structural drivers of performance

Briefcase attributes the results to two core elements of its investment approach.

First, a probability-based portfolio construction framework, designed as an alternative to traditional mean-variance optimisation, which aims to better capture risk and opportunity across different market conditions.

Second, an unconstrained investment universe. As an issuer-agnostic manager, Briefcase can access a broad range of ETFs, including exposures such as gold, silver and Nasdaq-listed securities, without the limitations of vertical integration.

The results are consistent with performance across Briefcase’s broader suite of risk-based multi-asset models.

Access to Briefcase Multi-Asset ETF Model portfolios is available to retail clients via SMA issued by Praemium Australia Ltd and wholesale clients via Briefcase MDA on BT Panorama, Netwealth, Bell Direct, nabtrade and other platforms.

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This partnership gives investors direct ownership of their assets while offering greater personalisation, tax efficiency, and cost-effective access to diversified portfolios – while providing all the benefits of direct ownership.

“Briefcase is changing the way advisers build portfolios – giving them institutional-grade tools, true personalisation, and full investor ownership,” said Josh Persky, founder and CEO of Briefcase. “This partnership allows us to scale that value further, breaking down the custodial barriers that have held back innovation in wealth management. We’re making sophisticated, customised portfolios available to a much wider audience – giving advisers powerful tools to deliver more value to their clients.

“Our focus is on building what the investor community not only needs today, but will demand in the future, and this partnership enables us to provide our unique services to a wider range of customers with increasingly diverse needs.”

Craig Saunders, Group Head of Sales at Desktop Broker, added: “Briefcase’s technology is an excellent addition to Desktop Broker’s HIN-based platform. Together, we’re giving advisers more choice in how they build and manage portfolios – offering advisers and clients the transparency, efficiency, and control they expect from a modern wealth solution.”

Key benefits for financial advisors and wholesale investors:

• True ownership: A non-custodial, HIN-based structure means clients retain full legal ownership of their portfolios.
• Low-cost, high-efficiency: Combine Briefcase’s technology with Desktop Broker’s competitive brokerage to customise, implement, and monitor portfolios – cost-effectively and at scale.
• Customisation at scale: Tailor portfolios to individual client needs – values, ESG preferences and tax optimisation – right down to specific securities.
• Fast, seamless onboarding: API-driven integrations make setup and client onboarding smooth and efficient.
• Total transparency: Visibility into holdings, trades, cash flows, and tax lots via Briefcase’s intuitive SaaS platform.
• Elevated reporting: Individualised, high-quality portfolio reports delivered automatically on the first of each month.

This offering is now available to eligible financial advisers and wholesale investors across Australia.

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