HUB24 launches multi-currency functionality in managed portfolios

HUB24 has added multi-currency functionality to its market-leading platform giving investment managers the capability to include up to ten foreign currencies when implementing managed portfolio investment strategies.

Available within international managed portfolios on the HUB24 platform, managers can choose to settle international securities transactions and have international dividends paid in either foreign currency or Australian dollars.  Managed portfolio investment strategies can now include holding foreign currency in anticipation of trading in that market.

“HUB24’s managed portfolio offer provides valuable capabilities for investment managers and advisers which in turn helps them to satisfy client needs,” said Andrew Alcock, Managing Director, HUB24.  “Arming investment managers with increased access to foreign markets can enable them to more effectively implement investment strategies, minimising currency conversions, which in turn can provide better outcomes for clients.”

Multi-currency adds further weight to HUB24’s international market capabilities. Earlier this year, HUB24 introduced fee reductions to international listed securities administration fees and foreign currency conversion fees on IDPS and Super products. These changes enable advisers and their clients to more cost-effectively access opportunities in global investment markets.

“With increasing demand for global diversification, we are continuing to broaden our investment opportunities in global markets making it more accessible for investment managers, advisers and importantly clients.” said Alcock.

HUB24 offers a wide selection of US listed international Exchange Traded Funds (ETFs) including developed and emerging markets ETFs as well as exposure to specific themes and sector-based ETFs, broadening the ability to increase exposure to international markets.

The multi-currency launch comes on the back of HUB24’s Progressive Portfolio Implementation (PPI) functionality which is already available for international and domestic managed portfolios.

PPI allows managers to dynamically and efficiently adjust target weightings for new inflows, providing the flexibility to allocate new client money differently, substituting into alternative securities including cash in line with the set investment objectives.

“We are excited to be offering a variety of ways to create value for clients,” said Alcock. “We are committed to innovation and enhancing our managed portfolio offer to enable the unlocking of potential value for clients through our technology.”