This partnership follows the launch of Refinitiv’s new Wealth Order Management solution to the Australian market targeting retail brokers, investment advisers and wealth managers.
The 2017 ASX Australian Investor Study showed that 75 per cent of Australian shareowners hold only domestic shares, indicating they are underweight international equities. PhillipCapital highlighted several contributing factors to this, such as barriers to accessing international markets and the cost of getting global data to support decision-making which has, historically, been relatively expensive.
Through the partnership, Refinitiv’s Eikon platform combined with PhillipCapital’s extensive network of global execution connections facilitates trading in Australia and more than 17 international equities exchanges.
Using Eikon, PhillipCapital’s advisers and professional clients can now place orders directly in HIN-based Australian and international equities using a single account. All trades are settled to their cash management bank account, making this a unique solution.
“Combining the powerful Eikon adviser platform with our execution capabilities has been key to expanding the PhillipCapital Australia wealth solution for our internal advisers, external intermediaries, traders and fund managers,” PhillipCapital CEO John Miles said.
“Together with Refinitiv, we have significantly reduced the barriers to international trading and can truly customise a global trading platform for our customers at a competitive price. This solution will expand our target market and reach across the Australian customer landscape, and we are excited about the year ahead.”
Refinitiv managing director, Pacific, Daryl Sisson said that the announcement is a great example of how the company is partnering with its customers to offer open platform solutions that meet their evolving needs and drive smarter trading and investing.
“We’re in an exciting and unique position to help steer the evolution of the Australian advisory market,” Mr Sisson said.