Platform provider HUB24 has won a key mandate, being selected by ClearView as its strategic wrap platform provider.
The two companies announced to the Australian Securities Exchange (ASX) today that under the arrangement around $1 billion in funds under management (FUA) would be migrated from the current ClearView WealthSolutions wrap platform to HUB24.
The announcement said the two companies would also collaborate on future initiatives including investment and insurance product development.
It said a heads of agreement had been executed between HUB24 and ClearView covering a number of deliverables which were planned to be implemented in stages by 31 December with the first phase involving the development and launch of a ClearView white label version of HUB24 Invest and HUB24 Super due for launch in April.
Commenting on the arrangement, ClearView managing director, Simon Swanson said the aim was to provide a new high quality, differentiated wrap-based offer to advisers and clients focused on adviser efficiency and offering choice and value for money.
“Additionally, we will be adding a number of our current products to the HUB24 platform and will be working with Hub24 to jointly develop innovative new products that leverage ClearView’s unique capabilities,” Swanson said.
He said the two companies were actively working together to progress the initiatives and finalise formal agreements which were subject to obtaining applicable superannuation trustee and responsible entity approvals as well as ensuring regulatory requirements are met.
Comments
i really thought white labelling went the way of the dinosaurs. Good they connected with modern company though it shows you the cost of administration is so high and margins small...except if your the size of Aus Super.
How is this possible in this day and age? Does best interest duty mean nothing? Might only be half that amount by the time they do it!!
Don’t follow mate, what’s it got to do with BID? And half what?
Oh dear. Doesn’t everything now have to do with best interest duty? How do they know it’s best for all their clients? Half refers to how much of people’s investments are left after this drop.
It not totally clear here but it’s just going to be a migration, meaning individual investments portfolios will stay the same, technology and some back office will change - name will stay, hence the white label. So it will be cheaper admins fees for everyone or they won’t move them. Heaps of providers have done it internally to new products do BIDs not an issue.
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