Findex, SPC cut new ground on MDA TAA

Mike Taylor

Managing Editor and Publisher

4 June 2026

Findex now has 20% of its total managed discretionary account (MDA) funds under advice structured under a new approach to Tactical Asset Allocation (TAA) announced this week.

Findex in conjunction with Specialised Private Capital announced the appointment of J.P. Morgan Asset Management as implementation manager of the new TAA portfolio structure designed to improve portfolio efficiency and reduce costs.

Announcing the arrangements, Findex and SPC said the approach was aimed at overcoming several issues inherent in TAA implementation in traditional MDA models including:

• Reducing transition time between exposures, which traditionally required trades across two physical managed funds;
• Ability to capture opportunities or reduce risk during volatile markets without  significant time delays;
• Access to FX hedging without transaction costs related to moving funds or unit classes; and
• Implementing asset allocation recommendations efficiently while limiting transaction costs or client capital gains tax (CGT).

Commenting on the approach, SPC chief investment officer, Kieran Canavan said the initiative reflects the firms’ commitment to continually improve how they serve clients and deliver investment solutions.

“By addressing some of the inherent limitations of traditional managed structures, we are strengthening our ability to implement portfolio decisions efficiently, while maintaining the governance, accountability and transparency that sits at the heart of our investment philosophy,” Canavan said.

PMAM proposed a progressive framework that leveraged local structuring experts and teamed up with its global investment management solutions teams across equities and fixed income. The initiative involved the creation of two trusts, one Equity and one Fixed Income, integrated within Findex’s MDA.

Each fund is actively managed with defined alpha and tracking targets, and importantly fees are kept low. A TAA overlay enables efficient portfolio tilts and FX implementation, addressing the challenges set out above.

“As Implementation Manager and strategic advisor to the Findex Investment Committee, JPMAM supports Findex through portfolio changes, rebalancing and guidance on optimal implementation. Having, 20% of our total MDA Funds

Under Advice (FUA) structured under this approach, we now have greater flexibility to adjust portfolios efficiently and at scale. We have already successfully implemented TAA changes at a significantly reduced cost for clients which reinforces the value of this model,” Canavan said. “We’re proud to be partnering with JPMAM on a solution that

we believe aims to set a new benchmark for how managed accounts can work for clients.”