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Webull Australia has introduced a multi-currency cash management service for retail investors, partnering with J.P. Morgan Asset Management to offer target yields of 4.9% in USD* and 4% in AUD* through money market solutions.
The service, which is the first of its kind for self-directed investors in Australia, features direct API integration with J.P. Morgan Asset Management, enabling real-time settlement and variable returns on uninvested cash. The platform includes an 'auto sweep' function that automatically manages cash between trading and investment accounts.
The offering comes with no account fees, withdrawal fees, lock-up periods, or return caps. This launch extends Webull's existing services, which include 24-hour US market access, real-time FX transfers, and commission-free trading on select ASX and US ETFs.
Rob Talevski, CEO of Webull Securities Australia, said: "Thanks to Webull's relationship with J.P. Morgan Asset Management, we have produced a solution to offer competitive returns on cash that are not readily available to many traders, leveraging J.P. Morgan Asset Management's liquidity management capability."
Matthew Le, Head of South East Asia & Australia Sales, Global Liquidity at J.P. Morgan Asset Management, said: "Our technology team has worked closely with Webull on a direct system integration. This enables an automated and straight-through execution and settlement of our J.P. Morgan Liquidity solutions. We are committed to innovate and bring the latest technologies to meet the ever-changing needs of our clients."
Webull Securities (Australia) Pty Ltd operates as a subsidiary of Webull Corporation and is an ASX participant broker. The new cash management tool represents part of the company's strategy to enhance investment returns for Australian retail investors.
*Target yields stated as of November 12, 2024
