BY ALLY SELBY | WEDNESDAY, 5 AUG 2020
Chi-X TraCRs and funds will now be offered on a $1.9 billion privately owned wealth management platform, granting financial advisers and their clients access to some of the world's biggest listed companies.
All 35 Chi-X TraCRs and all quoted Chi-X Funds are now accessible to financial advisers on WealthO2.
It follows the recent launch of five new TracCRs' with exposure to COVID-related outperformers, including teleconferencing provider Zoom, protective healthcare equipment producer 3M, global payments giant Mastercard and pharmaceutical company Gilead Sciences.
WealthO2 co-founder and managing director Shannon Bernasconi said the new low cost and innovative Chi-X solution would enable financial advisers and their clients using the platform to gain exposures to offshore assets.
"Financial advisers are increasingly looking to broaden the investment universe available to their clients," she said.
"Chi-X TraCRs provide that exposure to US mega caps that clients have, until now, been unable to easily invest in.
"Chi-X TraCRs provide the added advantage of HIN based ownership, AUD dividends repatriated at institutional foreign exchange rates, fungibility to the underlying offshore asset and T+2 settlement, which makes this pathway to the US stocks even more attractive."
Chi-X Australia chief executive Vic Jokovic welcomed the new partnership.
"The COVID-19 pandemic has created a surge in trading among retail investors in recent months," he said.
"Financial advisers are critical in this environment as Australians look for guidance on their investment decisions.
"WealthO2 is a leading software provider for the Australian financial advice community and the addition of Chi-X products will only add to the innovative investment solutions available through the platform."