Online platform providerNetwealthhas appointedJDVas its in-house broker platform for their wrap and superannuation products, following the announcement that the management buyout (MBO) of theHartleysPerth wealth management division was completed yesterday.
The Hartleys board decided earlier this year to retain the JDV business and sell the loss-making wealth management business, with Macquarie Financial Services snapping up many of the advisers and staff in the eastern states, while the Perth staff proceeded with an MBO.
JDV managing director Peter Horne says he is “very excited” about the MBO completion, and looking forward to consolidating the JDV business.
“We’re focusing on being a wholesale provider of equities products and services, and we want to grow in wealth management platforms, full service broker back-office and online trading, so the deals with Netwealth and recentlyBThelp to achieve those goals,” Horne says.
The appointment of JDV comes as Netwealth brings all administrative functions in-house with a round of system upgrades to be rolled out during November.
Netwealth managing director Michael Heine says the functionality JDV could offer as well as their long-standing relationship with Netwealth clinched the deal.
JDV was also awarded a $1.3 million project by BT Financial Group last month to undertake the first phase of development to provide BT with a full service equities portfolio administration solution for BT Wrap.
