Hub24, Wilson HTM deal back on the cards

16-Mar-2015

By Julie May

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Hub24 announced via the ASX on Friday that it had signed a deal with Wilson HTM under which it would create a white-label version of its investment and superannuation platform for Wilson HTM clients.

The deal was first flagged in December 2012 when the wider Hub24 business was still known as Investorfirst.

It said at the time it would transfer its stockbroking and investment advisory business to Wilson HTM after both parties entered into a non-binding heads of agreement.

As reported in financialobserver, the agreement would result in Investorfirst exiting the stockbroking and investment and advisory market to focus on its Hub24 platform business.

Under the terms, about nine Investorfirst advisers and analysts would move to Wilson HTM, with a white-label version of the Hub24 platform earmarked for launch in the first half of 2013.

Financialobsever rang Hub24 chief executive Andrew Alcock on Friday to inquire about the two-year delay post the initial agreement with Wilson HTM.

Alcock, who started with Hub24 in July 2013 (the same month the white label platform was meant to launch), was unable to be interviewed due to Hub24 entering a trading halt on Friday morning.

Despite the delay, a statement provided to the ASX last week said the agreement would allow Wilson HTM to release a branded version of Hub24’s platform in the near future.

The announcement also pointed to the capability to leverage Wilson HTM’s internal research and portfolio construction expertise to offer managed portfolios.

Further, the statement said Hub24 and Wilson HTM would work together to expand their relationship, including the potential development of other products.

At the end of last month, Wilson HTM Investment Group announced that, following months of speculation, it would sell off its securities and advisory business, Wilson HTM.

The plan was for 40 per cent of the business to be owned by staff, 40 per cent to be owned by Craigs Investment Partners and 20 per cent to be owned by Deutsche Bank Group.

Current Wilson HTM chief executive Brad Gale would continue to lead the securities and advisory business following the sale.

“The leadership group of Wilson HTM believes the right structure for long-term success is for staff to own the business,” Gale said.

Meanwhile in January, Investment Trends named Hub24 as one of the top two platforms for overall functionality.

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