This strategic hire follows PPM’s recent achievement of impressive inaugural ratings from SQM Research for its managed account portfolios. The firm’s Global Equities Growth SMA secured a 4.25/5 star “Superior” rating with a “High Investment Grade” designation, while the Australian Equities Growth SMA achieved a 3.75/5 star “Favourable” rating classified as “Investment Grade.”

Shaun will report to Warren Jones, who was recently promoted to Head of Financial Adviser Distribution, and will focus primarily on growing adviser relationships for PPM’s SMA offerings, which are currently available on the HUB24 platform.

Hugh MacNally, Executive Chairman at PPM, commented, “As we continue to build on the momentum from our strong SQM ratings, expanding our distribution capabilities is a natural next step. Shaun’s appointment demonstrates our commitment to growing our presence in the adviser channel and providing exceptional service to financial advisers seeking high-quality managed account solutions for their clients.”

Shaun brings over 15 years of experience in business development and relationship management within the financial services industry. Prior to joining PPM, he served as Business Development Manager at Aware Super, where he significantly increased growth by signing new financial advisors and licensees, managing a substantial portion of the NSW network. His experience also includes roles at AMP, where he substantially increased sales and ranked 2nd nationally among all BDMs for new business applications, as well as positions at Zurich, La Trobe Financial, and Commonwealth Bank.

“I’m excited to join PPM at such a pivotal time,” said Shaun. “The independent validation from SQM Research underscores the strength of PPM’s investment approach, and I look forward to helping more advisers discover the benefits of these highly-rated managed account solutions for their clients.”

PPM’s managed account portfolios follow a disciplined Growth at Reasonable Price (GARP) approach, focusing on companies with superior cash return on invested capital characteristics, conservative balance sheets, and rational competitive dynamics.

Financial advisers interested in learning more about PPM’s SQM-rated managed accounts can contact Warren Jones at wj@ppmfunds.com or Shaun Purcell at spurcell@ppmfunds.com.

About PPM

Founded in 1995, Private Portfolio Managers Pty Limited (PPM), is a privately owned boutique investment manager with a well established track record of constructing concentrated Australian Equities, Global Equities and Multi-Asset portfolios for our clients and their financial advisers. Our investment objective is to grow our clients’ portfolios over the long term using a disciplined & well researched investment process which seeks protection of capital with risk assessed tax effective returns. PPM offers Individually Managed Account (IMA) and Separately Managed Account (SMA) investment solutions across a number of broad investment strategies including balanced, income and growth style portfolios. For more information about PPM and our services please visit our website at www.ppmfunds.com.

About SQM Research ratings:

The ratings contained in this document are issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

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First, it is important to understand the differences and benefits between an IMA, an SMA, managed funds and other investment structures.

An IMA is a service – each investor’s portfolio is individual and tailored to their requirements

PPM is a specialist IMA provider with over 20 years experience in managing client portfolios in an IMA structure.

An Individually Managed Account or IMA is a discretionary management agreement whereby clients delegate the day to day investment decisions and implementation of their chosen investment strategy to PPM while retaining the full beneficial ownership of their investments. Their portfolios are bespoke and tailored to meet each clients investment requirements taking into consideration their individual preferences, taxation circumstances and investment objectives.

A client can transfer an existing portfolio ‘in specie’ without triggering any tax consequences and these will be incorporated into the clients individual portfolio and professionally managed.

PPM offers IMA services to clients with an investment of over $500,000 or who otherwise satisfy the Corporations Law definition of a “wholesale” investor.

An IMA may be described as “bespoke” or “tailored to each client”, but what exactly does that mean? How does a Portfolio Manager construct an IMA – an Individually Managed Account?

The construction of an IMA is a highly personalised service. The Portfolio Manager will initially meet with the client to discuss their investment objectives, then, in consultation with the client’s advisers will agree a core investment strategy (including a consideration of growth or income requirements, Australian and/or International equities mix) and their broader investment requirements. Each client will discuss their taxation status, investment restrictions, ESG considerations, and, if any existing holdings are to be included in the portfolio, via an ‘in specie’ transfer. The Portfolio Manager will then build a portfolio tailored to meet their investment objectives and requirements and actively manage it going forward.

In addition to quarterly and annual reports, the Portfolio Manager will meet with the client on a regular basis to discuss the portfolio(s) and explain any changes to it. Reporting is available online 24/7 via a secure portal on our website.

IMA examples

The best way to describe how an IMA works, and is tailored to each client’s requirements, is to give examples:

Example 1

Client Scenario: The client has an existing portfolio that has large capital gains on securities that might have been held for some considerable time. Maybe they inherited some of the holdings, as such are significant capital gains tax consequences if the holdings are sold. In addition, the client is a senior employee of a listed company and has a large exposure to their employer security through a staff share scheme (ESS). The client may not want additional exposure through their portfolio or superannuation fund to that company.

PPM IMA Solution: The PPM Portfolio Manager would construct an IMA portfolio to initially carve out both the ESS company exposure and those securities with large capital gains from the portfolio, and then over time actively manage the bespoke portfolio to give the client a more balanced and diversified overall portfolio.

Example 2 

Client Scenario: The client is paying a high personal tax rate and has equity investments both inside and outside their SMSF, for example in a family trust or in their personal name.

PPM IMA Solution: It consultation with the client’s adviser(s) and Portfolio Manager may structure the IMA portfolio(s), so the family trust holds the securities that are expected to generate long term capital gains and the superannuation fund holds securities that are more likely to generate income (particularly franked). As such the trust might hold the majority of the US securities (as they often generate capital gain rather than income) and the superfund might focus more on domestic securities as they produce more income and maximise the benefit of franking in the superannuation fund. The object being to create for the client a well-diversified Australian and Global equities ‘portfolio’ with the maximum efficiency from a taxation perspective.

These examples are for illustrative purposes only and each client’s individual circumstances will be taken into consideration in conjunction with the advice from the client and their investment advisers – however they demonstrate the individually tailored nature of an IMA and the clear benefits to those clients in the scenarios described.

An SMA is a product – each investor gets the same portfolio

Under an SMA – a client invests in a model portfolio managed by a professional investment manager, all trading, administration and investment reporting is taken care of for the client by the platform administrator. The client’s financial adviser will assist the client in determining whether an SMA is suitable to meet their investment requirements and which SMA or SMA models to select.

There are clear benefits of an SMA for a client. An SMA provides access to a professional manager and its research capability with the benefits of direct share ownership. Unlike a managed fund, each client is able to see exactly what investments are in their portfolio. Tax events and transaction costs are not shared across clients and the cost base of the clients investments will be the date of their investment in the model portfolio. Further, a model portfolio is typically a high conviction portfolio, with the total number of holdings in the model limited to 20-25 securities whereas in a managed fund the number of securities is typically not specified and is typically much greater. Finally, as an SMA model is administered on a platform, the client does not need to manage the trading, corporate actions or any administrative aspects of their portfolio. Clients receive online access to their model portfolio as well as regular reporting for taxation purposes. The client pays investment management and administration fees.

SMAs are suitable investment products for clients who want a direct investment portfolio without having to spend time selecting, managing and monitoring their portfolios  – as both the investment management and administration are handled by professionals. International SMAs enable clients to have direct access to international equities without the complexities and costs of managing international trading, custody and currencies.

PPM offers the Australian Equities Growth SMA and the Global Equities Growth SMA, for both general and superannuation investment.

PPM’s SMAs are structured under a managed investment scheme with the appropriate disclosure provided in a PDS by the platform provider. All compliance and administration is taken care of by the platform provider. Clients in consultation with their financial advisers can determine what model would best suit their investment requirements and can invest in a PPM SMA with as little as $20,000 under the Australian Equities Growth SMA or $50,000 for the Global Equities Growth SMA.

Clear benefits of IMAs and SMAs

The advantages of IMA and SMAs over other available investment structures are clear for clients. The table below details the key features of IMA, SMA and alterative investment structures. Direct ownership, transparency, cost and tax effectiveness are the core benefits IMA and SMA offer for investment management solutions for clients.

Key features of SMA & IMA compared to other common investment structures

Please contact our team for further information of PPMs service offering at ppm@ppmfunds.com or 02 8256 3777.

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There are two common scenarios:

• A client comes in with a large portfolio of stocks which would incur a large capital gains tax (CGT) liability if sold.
• A client retires with a large stock entitlement through an ESS from their employer, a listed company

The client in both cases is looking to achieve a more diversified and balanced portfolio and is unwilling or unable to manage it themselves – What to do?

1. Sell the holdings and replace with a managed structure – the client gets a large tax bill.
2. Leave the portfolio as is and hope it goes OK.
3. Attempt to manage the portfolio for the client – very time consuming and a risk to the adviser.

All the above are less than ideal for the client and expose the adviser to unacceptable risk – a difficult issue to deal with.

PPM offers a solution that is beneficial to the client and relieves the adviser of the difficult situation.

Working closely with the adviser, PPM – a professional investment manager, can take on the management of the client’s existing equity holdings, without triggering any tax consequences, and actively manage the portfolio from an after-tax perspective.

PPM then works collaboratively with the client and their adviser to effectively manage holdings with large CGT implications and over time develop a balanced and risk assessed portfolio to meet the client’s investment objectives.

This is an active and diligent process requiring bespoke investment management expertise. PPM provides the adviser and the client with regular detailed reporting including tax reporting which enables them to manage the overall situation more effectively.

In relation to the second scenario where a client has a significant entitlement to stock as a result of participating in an employee share plan of a listed company. The client may now be retiring. This holding then leaves their total portfolio asset allocation very one sided and not appropriate in retirement. Further, there is a big capital gains tax liability which would have to be dealt with if the stock was sold. PPM’s approach when working with the client’s adviser, involves managing and limiting and the realisation of gains required to maximise the client’s benefit.

PPM Chairman and Portfolio Manager, Hugh MacNally notes from his 30+ years of experience in assisting clients in these scenarios that: “In the competitive financial services environment, the ability to integrate tax planning with investment management gives the adviser a powerful weapon to offer sophisticated and discerning clients.”

Call PPM if you would like to find out more about how this approach could help your clients.

About PPM

PPM is a privately-owned boutique investment manager with a 20 year performance track record that specialises in the construction and management of direct investment portfolios for long term wealth creation. Portfolios can be composed of domestic equities or global equities or a combination of both. PPM offers both Individually Managed Account (IMA) and Separately Managed Account (SMA) solutions. Administration and custody are provided for IMA products and the Domestic and Global SMAs are provided on a range of platforms.

PPM manages IMAs and SMAs for clients of advisers and accountants, charities and family offices.

PPM works in partnership with professional advisers and accountants to provide investment management services for their clients. Management of portfolios integrates investment management and tax planning to facilitate the best after tax result for their clients.

PPM has a team of experienced investment analysts and portfolio managers who are responsible for researching and executing both domestic and global equities individual mandates through a combination of ‘top down’ and ‘bottom up’ analysis.

Discover how PPM can provide solutions for your CGT issues by contacting us on (02) 8256 3777

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By accessing larger global corporates that are not available in Australia your clients gain access to the growth opportunities not only in companies with far larger footprints but also provide some exposure to the emerging markets where they do business.

Typically, global investment options chosen for clients may include ETF’s and managed funds however these tend to be more passive investments and lack transparency both in underlying holdings and in costs. Managing global investing directly yourself adds the complexity of dealing with international exchanges, custody and currency risks and even time zones.

However, as evidenced by the growing popularity of Separately Managed Accounts (SMAs), the challenges of creating a truly diversified client portfolio with direct global investments can be minimised through the use of a Global SMA, such as PPM’s Global Growth Model through OneVue.

Clients access the benefits of direct ownership of an actively managed international portfolio of companies that are on major global exchanges outside Australia such as Nestle and Merck global stocks without all the hassle of international exchanges, custody providers and currency risk.

OneVue undertake all portfolio administration including dividends, corporate actions, tax record-keeping and reporting and facilitates execution, settlement and custody, eliminating much of the hassle and time required to manage an international share portfolio. Detailed online reporting enables clients and their advisers see their individual direct global holdings.

Over the past 12 months the PPM Global Equities SMA has earned 20.5%** and over the past ten years has earned 11.1%pa.

If you’re looking to provide global equities exposure for your clients please contact us at ppm@ppmfunds.com or (02)8256 3777 to learn more about the PPM Global Growth Equities SMA.

Private Portfolio Managers (PPM) is a privately owned boutique investment manager founded in 1995 with an established track record of constructing concentrated Australian and Global equity portfolios.

*ASIC as at 31/12/2018    **year to 30/4/2019 less fees

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“We are extremely pleased that the well-established investment philosophy of PPM has been recognised through our Global Equities Growth SMA” said Hugh MacNally, Executive Chairman and founder of PPM.

PPM has been providing investment management through Individually Managed Account (IMA) services to clients for over 20 years. In October 2017, PPM moved to offer this same expertise via the PPM Global Equities Growth SMA to clients of advisers through platforms.

“We saw the demand towards a more transparent investment model increasing and took the opportunity to provide our well tested investment management expertise to retail investors using the technological and administrative benefits of platforms.” said Mr MacNally.

PPM Global Equities Growth SMA is an actively managed, concentrated portfolio of international equities listed on major global exchanges. The SMA is risk managed to protect investor capital and take equity positions in companies that have been identified through a ‘top down’ thematic filter to identify sectors and opportunities. This is combined with a ‘bottom up’, deep research driven process to assess those companies that offer superior growth prospects over a 5 year term.

As at 30th April 2019, the PPM Global Equities Growth SMA generated a return of 20.5% over a year and 11.1% over ten years before fees. An SMA provides advisers with a low-cost retail solution for clients to access global equities exposure without the hassle of dealing with international exchanges and currency challenges.

For further information please contact 02 8256 3777

Private Portfolio Managers Pty Ltd (PPM) is a privately owned boutique investment manager founded in 1995 with an established track record of constructing concentrated Australian and Global equity portfolios.

The information above has been provided for general information purposes and must not be construed as investment or professional advice. PPM suggests you consider obtaining professional advice before making any investment decisions. The financial services described do not represent a deposit or a liability and are subject to investment risk including possible loss of income and capital. Neither PPM nor its directors, employees or any associate guarantee the repayment of capital, payment of income or any portfolios performance. Past performance is not necessarily indicative of future returns.© 2019 Private Portfolio Managers Pty Limited ABN 50 069 865 827 AFS Licence No. 241058

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PPM utilises a value investing philosophy in the belief that attractive long-term investment returns will be achieved by investing in companies that are financially strong, operate in an industry that has an attractive structure and are favourably priced. The philosophy can be summed up as ‘strength and value’. This philosophy has been proven over time with a long track record demonstrated in the performance figures shown above. A concentrated, high conviction portfolio of exceptional global companies works to provide consistent performance over the long term.

An attractive transparent alternative to unitised global equity managed funds, the PPM Global Equities Growth SMA provides much needed diversification for investors in the highly concentrated Australian share market. With its direct holdings of assets, fee transparency and individual cost bases for each listed security, investors in the PPM Global Equities SMA do not incur the tax consequences as a result of other investors’ transactions or prior capital gains unlike those within a unit trust structured managed fund.

Offered through the leading platforms of Hub24, OneVue and Powerwrap, the PPM Global Equites SMA takes the hassle out of direct international investing, with the platform undertaking all execution, global custody and corporate actions whilst providing detailed consolidated reporting for clients and their advisers via online portals.

Contact us at ppm@ppmfunds.com or (02) 8256 3777 and ask about how SMA’s can work for your clients and improve your business.

Private Portfolio Managers Pty Ltd (PPM) is a privately owned boutique investment manager founded in 1995 with an established track record of constructing concentrated Australian and Global equity portfolios.

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Comment by Hugh MacNally, Chairman and Founder of Private Portfolio Managers

PPM has held the view that Telstra is very well place in the Australian telecommunications industry as it moves to the new 5G technology. The company is held in our portfolios.

The comments made by Vodafone’s Australian CEO, reported in the Australian today, indicate how much pain is being suffered by Vodafone (and we believe Optus). Telstra the dominant player with 50% mobile share has an enormous advantage in such a high capex business. Add to this they have had the luck to not use the banned Huawei equipment which Optus and Vodafone (and TPG) use.

The Vodafone CEO, Inaki Berroeta, made some interesting comments about the amount of capital required and the declining revenue per customer. This is the nub of the problem for Optus and Vodafone, the return on capital is unsustainably low and for Vodafone it is almost non-existent. There is only one solution to their problem and that is to raise prices so they can make an adequate return on capital; Mr. Berroeta said as much.

PPM has been of the view that this is an inflection point for Telstra, as it was when 4G came in in 2011, and that dividends will start to rise when rational competition appears – Mr. Berroeta seems to be making a plea for that to happen.      

Discover more about how you can access Australian and Global equities through a PPM SMA by contacting us at ppm@ppmfunds.com or (02) 8256 3777

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Larger, global companies are also a way to access exposure to emerging markets where these companies are doing business rather than having to invest direct into those markets.

A Separately Managed Account (SMA) provides significant benefits for investors when accessing global investments due to its more transparent and individual ownership structure.

With a minimum of $50,000 investors can access direct ownership of a global equity portfolio professionally managed by an experienced investment manager with a proven capability in generating strong risk adjusted returns over the medium and long term.

In contrast to investing in a managed fund, investors have complete transparency over their holdings, do not have their tax position affected by other investors and an individual cost base is established for each investment.

An SMA is a great way for Advisers to continue to offer direct equity portfolios to their clients while gaining significant time and cost savings by outsourcing the management, execution and reporting. The PPM Global SMA makes investing in global equities easy and efficient and is currently available through the HUB24, Powerwrap and Onevue platforms.

All portfolio administration is undertaken by the platform provider, including dividends, corporate actions, tax record- keeping and reporting. Existing investments can easily be transferred into (or out of) a PPM SMA without triggering capital gains tax consequences. Investors receive annual reporting and have online access 24/7 to the holdings of their SMA portfolio.

Discover more about how you can access global equities through an SMA by contacting us at ppm@ppmfunds.com or (02)8256 3777.

Private Portfolio Managers Pty Ltd (PPM) is a privately owned boutique investment manager founded in 1995 with an established track record of constructing concentrated Australian and Global equity portfolios.

*17.2% pa performance for the 12 months to 28th February 2019 before fees and taxes.

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Hugh MacNally, PPM Chairman and Portfolio Manager discusses the key differences and benefits of each.

First, it is important to understand the differences and benefits between an IMA, an SMA, managed funds and other investment structures.

AN SMA IS A PRODUCT – EACH INVESTOR GETS THE SAME PORTFOLIO

Under an SMA – a client invests in a model portfolio managed by a professional investment manager, all trading, administration and investment reporting is taken care of for the client by the platform administrator. The client’s financial adviser will assist the client in determining whether an SMA is suitable to meet their investment requirements and which SMA or SMA models to select.
There are clear benefits of an SMA for a client.

An SMA provides access to a professional manager and its research capability with the benefits direct share ownership. Unlike a managed fund, each client is able to see exactly what investments are in their portfolio. Tax events and transaction costs are not shared across clients and the cost base of the clients investments will be the date of their investment in the model portfolio. Further, a model portfolio is typically a high conviction portfolio, with the total number of holdings in the model limited to 20-25 securities whereas in a managed fund the number of securities is typically not specified and is typically much greater.

As an SMA model is administered on a platform, the client does not need to manage the trading, corporate actions or any administrative aspects of their portfolio. Clients receive online access to their model portfolio and annual reporting for taxation purposes. The client pays investment management and administration fees.

SMAs are suitable investment products for clients who want a direct investment portfolio without having to spend time selecting, managing and monitoring their portfolios – as both the investment management and administration are handled by professionals. International SMAs enable SMSF trustees to have direct access international equities without the complexities and costs of managing international trading, custody and currencies and without the tax consequences of a pooled managed investment.

PPM offers the Australian Equities Growth SMA and the Global Equities Growth SMA, for both general and superannuation investment.

PPM’s SMAs are structured under a managed investment scheme with the appropriate disclosure provided in a PDS by the platform provider. All compliance and administration is taken care of by the platform provider. Clients in consultation with their financial advisers can determine what model would best suit their investment requirements and can invest in a PPM SMA with as little as $20,000 under the Australian Equities Growth SMA or $50,000 for the Global Equities Growth SMA.

AN IMA IS A SERVICE – EACH INVESTOR’S PORTFOLIO IS INDIVIDUAL AND TAILORED TO THEIR REQUIREMENTS

An Individually Managed Account or IMA is a discretionary management agreement whereby clients delegate the day to day investment decisions and implementation of their chosen investment strategy to PPM while retaining the full beneficial ownership of their investments. Their portfolios are bespoke and tailored to each client to meet their investment requirements taking into consideration their individual preferences, taxation circumstances and investment objectives. A client can transfer into an IMA an existing portfolio ‘in specie’ without triggering any tax consequences and these will be incorporated into individual portfolio and professionally managed.
PPM offers IMA services to clients with an investment of over $500,000 or who otherwise satisfy the Corporations Law definition of a “wholesale” investor.

An IMA may be described as “bespoke” or “tailored to each client”, but what exactly does that mean? How does a Portfolio Manager construct an IMA – an Individually Managed Account?
The construction of an IMA is a highly personalised service. The Portfolio Manager will initially meet with the client to discuss their investment objectives, then, in consultation with the client’s advisers will agree a core investment strategy (including a consideration of growth or income requirements, Australian and/or International equities) and their broader investment requirements. Each client will discuss their taxation status, investment restrictions, ESG considerations, and, if any existing holdings that are to be included in the portfolio, via an ‘in specie’ transfer. The Portfolio Manager will then build a portfolio tailored to meet the client’s investment objectives and requirements and actively manage it going forward.

In addition to quarterly and annual reports and the Portfolio Manager will meet with the client on a regular basis to discuss the portfolio(s) and explain any changes to it. Reporting is available online 24/7 via a secure portal on our website.

IMA EXAMPLES

The best way to describe how an IMA works and is tailored to each client’s requirements is to give examples:

Example 1

Client Scenario: The client has an existing portfolio that has large capital gains on stocks that might have been held for some considerable time, maybe they inherited some of the holdings, as such are significant capital gains tax consequences if the holdings are sold. In addition, they are a senior employee of a listed company and have a large exposure to their employer stock through a staff share scheme (ESS). If this security is a bank, the client may not want additional exposure through their portfolio or superannuation fund to that company.

PPM IMA Solution: The PPM Portfolio Manager would construction an IMA portfolio to initially carve out the ESS exposure from the portfolio and manage it over time and to give the client a more balanced and diversified overall portfolio.

Example 2

Client Scenario: The client is paying a high personal tax rate and has equity investments both inside and outside their SMSF, for example in a family trust or in their personal name.

PPM IMA Solution: It consultation with the client’s advisers and Portfolio Manager may structure IMA portfolio(s) so the family trust holds the securities that are expected to generate long term capital gains and the superannuation fund holds securities that are more likely to generate income (particularly franked). As such the trust might hold the majority of the US stocks (as they often generate capital gain rather than income) and the superfund might focus more on domestic stock as they produce more income and maximise the benefit of franking in the superannuation fund. The object being to create for the client a well-diversified Australian and Global equities ‘portfolio’ with the maximum efficiency from a taxation perspective.

These examples are for illustrative purposes only and each client’s individual circumstances will be taken into consideration in conjunction with the advice from the client and their investment advisers – however hopefully they clearly demonstrate the individually tailored nature of an IMA and the clear benefits to those clients.

CLEAR BENEFITS OF IMAS AND SMAS

The advantages of IMA and SMAs over other available investment structures are clear for SMSF Trustees. The table below details the key features of IMA, SMA and alterative investment structures. Direct ownership, transparency, cost and tax effectiveness are the core benefits IMA and SMA offer for investment management solutions for SMSF Trustees.

Key features of SMA & IMA compared to other common investment structures

Feature	Managed Funds	LICs	ETFs	SMAs	IMAs
Tax Efficiency	Poor	Moderate	Good	Good	Excellent
Portability	None	None	None	Good	Excellent
Managed to Particular Tax Outcome	No	Sometimes	No	No	Yes
Transparency	Poor-Moderate	Moderate	Good	Excellent	Excellent
Direct Ownership	No	No	No	Yes	Yes
Embedded Tax Liability	Often	Often	Sometimes	No	No
Capital Losses can be applied to:	Future gains within structure	Future gains within structure	Future gains within structure	Any current or future gains	Any current or future gains
Variety of Investment Options	Excellent	Good	Moderate	Moderate	Moderate
Portfolio Construction	Manager's discretion	Manager's discretion	Manager's discretion	Model portfolio	Manager's discretion
Tailored Management	No	No	No	No	Yes
Management Fee Tax Deductibility	No	No	No	No	Yes

PPM IS A SPECIALIST PROVIDER OF SMA & IMA SOLUTIONS

PPM is a specialist IMA boutique investment manager with over 20 years’ experience in successfully managing individual client portfolios to meet the demands of these sophisticated investors who want a tailored investment solution to meet their investment requirements. PPM first developed IMA’s in 1995 as a direct actively managed and administered investment solution for our sophisticated clients. In 2017, we launched the Australian Equities Growth SMA and the Global Equities Growth SMA, for both general and superannuation investment, to meet the growing demand for actively managed direct Australian and international portfolios of clients either do not require individual portfolio customisation or who do not satisfy the Corporations Law definition of a ‘wholesale’ investor.

SMSF Trustees are attracted to PPM’s IMA and SMA solutions as they provide professional investment management, cost effective administrative ease and the transparency and control that astute SMSF Trustees demand.

We would be happy to meet with you to discuss your requirements to determine in conjunction with your advisers whether a PPM IMA or SMA is suitable for you.

Please contact our team for further information of PPMs service offering at ppm@ppmfunds.com or 02 8256 3777.

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