Milliman launches managed account portfolio range

Global consulting and actuarial firm Milliman has teamed up with HUB24 to roll out its first range of managed account portfolios, with the company saying the products have built-in protection against volatility and capital losses.

The Milliman SmartShield series is the first managed account offering from the firm, which advises, hedges and consults across a reported $240 billion in assets globally.

It has been designed in Australia and has launched initially on HUB24, with Milliman indicating other platforms will follow.

The SmartShield series has initially consisted of four portfolios (Moderate, Balanced, Growth and High Growth), with each one aimed to meet the evolving needs of financial advisers and their clients.


The portfolios are using ETFs that invest across Australian and international equities, fixed income, property and cash – with Milliman’s global risk investment management.

Milliman Australia practice leader Wade Matterson said through the firm’s conversations with advisers, it came to understand there is an “intense focus on simplification and efficiency, while preserving the core values and benefits of financial advice”.

"Financial advisers continue to face a raft of challenges, as the industry undergoes both a structural and regulatory adjustment," Mr Matterson said.

“At the same time, regulatory requirements such as the best interests duty are resulting in a greater focus on the fees and benefits of investment solutions for clients.

"We've designed the SmartShield portfolios specifically, to assist advisers as they respond to these changes and are delighted to launch with HUB24 as they continue to gain significant interest from advisers wishing to use managed accounts, and will be announcing further alliances in the coming weeks."

Each portfolio contains a risk protection overlay, which it said will dampen volatility and capital losses in a market downturn and can be switched on or off as required by advisers, without their clients having to incur capital gains tax or lose dividends.

"This approach reinforces a financial advisers' advice proposition by giving them the flexibility to meet each client's unique needs through the highly efficient managed account structure," Mr Matterson said.

“SmartShield provides advisers with the ability to give their clients much more stability and strength at the core of their portfolio, through a flexible and efficient approach. Given ongoing macroeconomic uncertainty and concerns with respect to valuations and global volatility, we are seeing increased focus on managing risk within portfolios."

Brett Mennie, new head of managed portfolios at HUB24, added his company was pleased to be working with Milliman, commenting, “As market conditions shift it is critical that we continue to provide advisers and their clients with a wide range of investment options to meet their needs.”

Milliman launches managed account portfolio range
Wade Matterson
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