Cashwerkz

What Cashwerkz does

Income Asset Management Group (ASX: IAM), operating as Cashwerkz/IAM, is an Australian fixed income investment platform founded in 1999 and headquartered in Sydney. The company provides wholesale certified investors, financial advisers and investment policymakers with direct access to over-the-counter bonds, ASX-listed and global bonds, syndicated bank loans, asset-backed and residential mortgage-backed securities, and curated Managed Discretionary Account portfolios. Operations run through four wholly-owned subsidiaries — IAM Capital Markets (AFSL 283119), IAM Cash Markets, IAM Funds and Trustees Australia Limited (AFSL 260038) — with institutional-grade custody provided by Perpetual Corporate Trust and a bare-trustee structure for syndicated loans. National offices cover Sydney, Brisbane, Melbourne and Perth.

The product stack comprises Direct Bonds (500+ securities, $50,000 minimum), Syndicated Loans ($50k parcels at 9%-14% yields), Income MDA (60% investment-grade bonds / 40% syndicated loans, targeting RBA + 3.00%-3.50%, $1m minimum), and ABS-RMBS Direct (0.35% management fee, launched October 2024). Distribution combines direct relationship-manager sales, adviser-facilitated account opening, and integration with the four major Australian wrap platforms — Netwealth, HUB24, Praemium Spectrum and Macquarie Wrap. Issuer-side debt capital markets services include a $175m MTN for One Rail Australia and a $130m structured facility for MONEYME; cumulative facilitated issuances exceed $1bn and client-held syndicated loans surpassed $500m by September 2025.

Revenue mechanics span transaction fees on bond and loan trades, management fees on MDA and ABS-RMBS portfolios, and DCM arrangement fees on primary debt issuance. The investment committee for the MDA is chaired by James Simpson (Platinum Asset Management co-founder) with Danielle Press (former ASIC Commissioner), lending governance credibility. The company differentiates through direct asset ownership (not fund units), a research-backed credit process combining in-house analysis with independent BondAdviser, and platform-level scale that lets wholesale clients access institutional-grade fixed income at accessible minimums.

Name

Cashwerkz

Legal name

Income Asset Management Group Limited ABN 42 010 653 862

Website

https://cashwerkz.com.au

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Income Asset Management (ASX: IAM) is an Australian fixed income platform giving wholesale investors, financial advisers and institutions direct access to bonds, syndicated loans, ABS-RMBS and managed discretionary portfolios via wrap platforms and relationship managers.

Ownership category

akta.pro rank

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Bond Trading and Transaction Fees: Revenue generated from facilitating direct bond investments for wholesale investors, including access to OTC bonds, ASX-listed bonds, and global bonds. Minimum investment thresholds of $50,000 for direct bond portfolios.
2. Managed Discretionary Account (MDA) Fees: Management fees from MDA portfolios that allocate 60% to investment grade bonds and 40% to syndicated term loans, targeting returns of RBA + 3.00%-3.50%. Minimum investment of $1,000,000.
3. Syndicated Loan Investment Fees: Fees from facilitating direct access to senior secured bank syndicated loans, typically yielding 9%-14% p.a. for wholesale investors.
4. ABS-RMBS Management Fees: Management fee of 0.35% per year for ABS-RMBS Direct product, competitively positioned against typical fees of 0.50%-0.90% charged by large scale ABS and RMBS funds.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Cashwerkz (operating as Income Asset Management) provides wholesale certified investors, financial advisers and investment policymakers with direct access to over-the-counter (OTC) bonds, syndicated loans and asset-backed securities through its fixed income investment platform. Core offerings include Direct Bonds (500+ Australian and global bonds from $50,000), Syndicated Loans (senior secured bank loans with 9%-14% yields), Managed Discretionary Accounts (60% investment grade bonds, 40% syndicated term loans targeting RBA + 3.00-3.50%), and ABS-RMBS Direct products, with institutional-grade custody by Perpetual Corporate Trust.

Product overview

Income Asset Management (IAM) operates as a fixed income investment platform offering wholesale certified investors, financial advisers, and investment policymakers access to bonds and syndicated loans. The core product portfolio consists of Direct Bonds (access to 500+ Australian and global bonds), Syndicated Loans (senior secured bank loans yielding 9%-14%), and Managed Discretionary Accounts (MDA) combining both asset classes with 60/40 allocation. The platform is accessible directly through IAM or via Wrap Platform Solutions integrated with Netwealth, HUB24, Praemium Spectrum and Macquarie Wrap. Additional services include ABS-RMBS products, BondAdviser research, Bond Calculator tools, and Debt Capital Markets advisory for issuers.

Differentiator

Problem solved

Functional benefit

Brands

• MDA (Managed Discretionary Account): IAM's Income MDA portfolio allocates 60% to investment grade bonds and 40% to syndicated term loans, targeting RBA + 3.00-3.50% returns with a $1,000,000 minimum investment.
• ABS-RMBS Direct
• IAM Capital Markets

Products and services

• Direct Bonds

Quantifiable outcome

• 10% average return on syndicated loans for investors
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• NetwealthcoreChannel Partner/ Reseller/ Distributor · 12 October 2023Netwealth partnership provides financial advisers direct access to small parcel bonds starting at $50,000 through the Netwealth investment platform, enabling portfolio building and consolidated reporting
• HUB24coreChannel Partner/ Reseller/ DistributorDistribution partnership enabling access to IAM bonds through HUB24 platform for adviser clients
• Praemium SpectrumcoreChannel Partner/ Reseller/ DistributorDistribution partnership enabling access to IAM bonds through Praemium Spectrum platform
• Macquarie WrapcoreChannel Partner/ Reseller/ DistributorDistribution partnership enabling access to IAM bonds through Macquarie Wrap platform
• Perpetual Corporate TrustcoreStrategic or Co-development PartnerCustody, settlement and administration services provider for direct bond investments, ensuring institutional-grade custody for client assets
• Trustees Australia LimitedcoreStrategic or Co-development PartnerLicensed bare trustee structure (TAL) for syndicated loans where legal title is held on bare trust for investors as beneficial holders
• BondAdvisercoreStrategic or Co-development PartnerIndependent third-party credit research provider supplementing IAM's in-house credit strategy team research

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MaxCap Group: Australian non-bank lender and private credit manager arranging and distributing senior secured loans to wholesale and institutional investors. Comparable business model in alternative fixed income distribution and loan origination for the Australian wholesale market.
• FIIG Securities: Australia's largest direct bond broker, providing wholesale investors with access to OTC and ASX-listed fixed income securities. Most directly comparable peer to IAM given overlapping product (direct bonds, term deposits alternative) and similar wholesale investor customer base.
• Metrics Credit Partners: Australian private credit and syndicated loan manager offering institutional and wholesale investors exposure to senior secured loans. Directly comparable to IAM's syndicated loan offering and Income MDA strategy targeting similar asset classes and risk-return profile.

Broad incumbents

• HUB24: Major Australian wrap platform distributing IAM bonds. Comparable as a broader wealth platform serving advisers with portfolio administration, reporting, and increasingly proprietary investment menu that could compete with IAM's product set.
• Perpetual Limited: Australian wealth and asset manager providing custody services (through Perpetual Corporate Trust, IAM's custody partner) and investment management. Comparable as a broader financial services incumbent offering fixed income capabilities and serving as critical infrastructure for IAM's bond custody.
• Netwealth: One of Australia's largest wrap platforms and a core IAM distribution partner. Comparable as a broader wealth platform serving financial advisers, with overlapping capability to offer fixed income products to the same adviser-driven customer base.
• Ares Australia: Australian arm of global credit giant Ares Management, offering private credit, syndicated loans, and direct lending products. Comparable asset class focus but operates at much larger scale and primarily serves institutional rather than wholesale investors directly.

Emerging players

• Pemberton Capital: Australian private debt manager with focus on senior secured loans and direct lending strategies. Comparable to IAM's syndicated loan book though with a more institutional-only orientation and smaller direct-to-wholesale distribution footprint.
• Yieldstreet: US-based direct fixed income and alternative investment platform providing retail and accredited investors access to private debt, structured products, and securitised assets. Comparable business model democratising institutional-grade fixed income, though operating in a different geography.

Others

• Moelis Australia: Australian arm of global investment bank Moelis, providing debt capital markets advisory, restructuring, and arranging services. Comparable to IAM's Debt Capital Markets capability on the issuer side, though operates primarily in institutional advisory rather than wholesale distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCP4gjG7S80ZCq-4JJw1Pjbg
• LinkedInlinkedin.com/company/cashwerkz
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• Facebookfacebook.com/Cashwerkz

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cashwerkz