Mandates and implementation
You decide what you want us to manage and what you want to retain. We agree the mandate and implementation arrangements with you first, then manage and report within the authority you have given us.
We agree the boundaries before we manage the portfolio
A discretionary mandate allows us to make investment decisions without seeking approval for every trade. That only works if the investment responsibility and the limits around it are clear. A mandate can be specific to your requirements without being unconstrained. Before implementation, we agree the following with you.
What the portfolio is intended to achieve and the horizon over which it should be assessed.
The decisions we are authorised to make and the responsibilities you retain.
The securities, funds, asset classes and other instruments we are permitted to use.
The risk limits and, where relevant, asset-allocation ranges within which we manage.
The level of liquidity appropriate to the mandate and the needs of the underlying investors.
Any agreed concentration limits, exclusions or other requirements that need to be reflected in portfolio construction.
The managed account structure and platform through which the mandate will operate.
The information you need to oversee the mandate and communicate with your clients, committee or other stakeholders.
Structure and platform are agreed before launch
Once the mandate is agreed, we confirm the managed account structure, platform requirements and any transition from existing holdings before the portfolio goes live.
SMA
An SMA can be used where one investment model needs to operate consistently across a group of client accounts.
IMA
A client-specific IMA can be used where the objective, investment universe or other portfolio constraints need to be written for an individual portfolio.
Platform
We are platform-agnostic and implement through supported third-party platforms.
- HUB24
- Netwealth
- MLC
- Macquarie Wrap
- Dash
- Praemium/Powerwrap
Transitions
We can review existing holdings before implementation. Where a transition is required, changes can be staged with liquidity, trading costs and market impact in mind.
The assets remain within the client’s platform or custody arrangement. Custody and administration sit with the platform or custodian. We hold only the investment discretion set out in the mandate.
Appointment is the beginning of the work
Once the portfolio is implemented, we remain responsible for the investment work behind it, the decisions made within the mandate and the information you need to oversee it. If you want to discuss a position, an allocation or a portfolio decision, you can speak directly with the investment team responsible for the work.
Portfolio management
We monitor the portfolio, review individual investments and allocations, rebalance where required and make changes as our assessment of risk, return or the underlying investment case changes.
Ongoing research
The same in-house research programme supports the portfolios we manage and our standalone Investment Research service: macroeconomic work, company research, managed fund and ETF due diligence, manager meetings and cross-asset analysis. Maintaining that research is part of managing the portfolio.
Reporting & reviews
We provide ongoing portfolio attribution and risk analysis, together with periodic one-on-one portfolio reviews. The reporting should let you see what changed, why it changed and what we’re watching now.
Client & committee support
For adviser relationships, we can provide portfolio correspondence for the end investor and support client seminars. For investment teams and committees, the emphasis can instead be on portfolio analysis, decision rationale and oversight.
Tell us what you want to keep and what to delegate
We can work through the mandate you have in mind, the boundaries around it and how it would be implemented on your platform.
- Telephone
- +61 2 9696 8163
- Office
- Level 2, 44 Bridge Street
Sydney NSW 2000