Westpac outsources to HP JDV
Westpac’sonline broking arm has outsourced to technology provider HPJDVin a deal which will see Westpac’s 90,000 online broking customers using HP JDV’s software to trade shares on the Internet.
This will make HP JDV the second largest provider of online share trading services in Australia, and is expected to haul in $45 million in revenue over the four year term of the contract.
HP JDV chief executive Tim Moore says that HP JDV already provides software toAMP, BankWest,BT Portfolio Services,Suncorp Metway, Charles Schwab Australia andMacquarie Financial Services Group.
“This is the most significant deal in JDV’s short history and sends a strong message that our strategy for developing JDV is correct,” Moore says.
The deal follows a capital injection of more than $30 million in July by Westpac, which ended up with a quarter slice of the HP JDV business. Last financial year, HP JDV made an operating loss of $17 million.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
