What is the difference between rebalancing and re-optimisation?

Your Flexible Portfolios will be rebalanced by us, but will not be re-optimised when economic conditions change.

Rebalancing a portfolio involves maintaining the target allocation that you set. This is done because market movements affect the price of assets, which in turn affects their proportions within your portfolio.
Re-optimisation refers to the changes we make to other portfolios managed by us, in order to keep our clients’ risk profile constant during shifts in economic conditions. When this happens, we may introduce new ETFs or change the weightage of existing ETFs in our clients’ asset allocation.