HUB24 completes Paragem acquisition

Publicly listed platform provider HUB24 has completed its acquisition of financial planning dealer group, Paragem.

The company announced to the Australian Securities Exchange (ASX) today that the transaction had been completed as planned and in line with the terms originally disclosed.

The ASX announcement said HUB24 and Paragem were highly complementary businesses with minimal overlap.

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"Together the companies will provide a compelling home for like-minded financial advisers who value choice and the ability to freely run their own business and will jointly work to develop better, more cost effective advice, investment and superannuation outcomes for clients," it said.

Commenting on the transaction, HUB24 managing director, Andrew Alcock said his company had been pleased by the level of engagement and support it had received from Paragem advisers regarding the acquisition.

"The addition of Paragem will support further growth of our platform and assist us with the ongoing development of our core business of providing superior platform offers to financial planning groups, accountants and stockbrokers and their clients," he said.

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