Who holds your funds

Primary is a platform. Your money sits with the banks and fund managers you choose, not with Primary. How each account is held depends on the product. The Account structure line on each product in Browse products tells you which applies.

Directly held in your entity's name

This covers the Macquarie CMA and Accelerator, term deposits with ANZ, NAB, Macquarie, Judo and Rabobank, the State Street funds, and directly held BlackRock funds. The account is opened in your business entity's name with that institution. You have a direct relationship with them, and Primary acts on your instructions through the platform. Opening one of these accounts takes a few weeks because the institution completes its own onboarding.

Held in custody

For some BlackRock funds you can choose a custodially held account instead. Today that is the BlackRock ICS USD Liquidity Fund (T+0) and the BlackRock ICS US Treasury Fund. The units are registered in the name of Perpetual Corporate Trust Limited, as custodian for Primary, and held on trust for you. Your holding is recorded on Primary's ledger and shown on your statements. You keep beneficial ownership at all times, and Primary cannot buy, sell or move the units without your instruction. Holdings of different clients are pooled in the one custody account, as the Corporations Act allows. The benefits are instant account opening and a lower minimum (US$500,000 rather than US$3,000,000). The trade off is that the fund manager's records show Perpetual, not your entity, so statements from BlackRock come through Primary.

Primary FX accounts

Your multi currency accounts are named accounts in your business's name, provided through our FX partner and held with their Tier 1 banking partners, Citibank and Barclays. They do not earn yield. They are the hub for currency conversions, international payments, and moving USD into funds.

Linked external accounts

Accounts you connect from other banks are read only. Primary sees balances and transactions but cannot move money in or out of them.

Counterparties

The institutions available through Primary are Macquarie Bank, State Street Global Advisors, BlackRock, Morgan Stanley, ANZ, NAB, Judo Bank and Rabobank. Each product's disclosure documents, linked from the product page, describe the fund or deposit and its risks. Primary Technology Pty Ltd, ACN 663 326 494, operates the platform.