Saxo expands SaxoSelect offerings to Australian customers
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The Australian division of Saxo Bank has expanded its product offerings following the launch of SaxoSelect. SaxoSelect is a suite containing managed portfolios that target self-directed investors and self-managed funds.
Saxo Australia launched SaxoSelect
SaxoSelect is a service that the institution launched in 2016. However, it was only available to those with Saxo accounts in Europe and Asia. The service requires a minimum investment of $10,000, and no minimum investment period is needed.
Saxo Australia will now be integrating this offering. With SaxoSelect, customers enjoy a fully digital and automated investment service that allows investors to have their investments managed by global investment management experts, depending on the preferred investment style.
In the press release, the CEO of Saxo Australia, Adam Smith, said there was an increased demand for alternative wealth strategies in recent years. He noted that Australians were focused on creating diversified portfolios across multiple locations and were turning towards digital platforms to have control over their financial future.
“SaxoSelect is about truly expert wealth management at a much more affordable price. We have already seen significant interest in the service during the soft launch phase, and we believe we can enable more Australians to take control of their financial future and make more from their money,” Smith added.
The executive also noted that Australians were searching for platforms to help them directly invest their savings and launch their SMSF. As such, Saxo was committed to helping its customers access global-leading managed portfolios and global diversification with total transparency and control.
SaxoSelect investors access global financial instruments
Through SaxoSelect, investors can access managed global financial assets. The platform offers access to seven managed portfolios managed by the world’s largest asset manager, BlackRock. The other asset managers that manage SaxoSelect portfolios include Nasdaq, Morningstar, Brown Advisory, and Macro FX.
Saxo has also offered transparency on the fees charged for these managed portfolios. The average fee is 0.95%, with no additional fees such as entry, exit, or custody. Smith noted that the institution was committed to offering transparency per the demands of investors.
The CEO further added that the soft launch phase for the product had already been a success as the product filled a gap in the Australian market. The product’s key features, such as transparency and giving investors control, had made it gain traction.
The launch of SaxoSelect by Saxo Australia comes one day after Saxo launched SaxoWealthCare. The latter is a digital advice service that offers customized advice targeting investors in the Hong Kong market. This service is now available to customers based in Singapore and the UK.
Last year, Saxo started exploring the possibility of a public listing. The institution secured a partnership deal with a blank-check company at the time. However, it exited the deal in December 2022. The brokerage company is still open to going public in the future.