A pool of advisers and analysts will transfer from Investorfirst to Wilson HTM after the pair signed a non-binding agreement to share resources and promote core business capabilities.
Investorfirst's stockbroking and advisory operations will also transfer to Wilson HTM, while the partnership will also kick-start the development of a client portfolio management and reporting tool off the back of Investorfirst's HUB24 platform.
The team will initially develop a white label solution for Wilson HTM's small- to mid-size clients. It will then build a customised solution for its high net worth clients and develop a series of exclusive, high-end portfolio management tools.
Wilson HTM will eventually transfer its $1.4 billion in funds under management to the HUB24 platform following development of the platform and pending final agreement.
Managing director of Wilson HTM Andrew Coppin said the arrangement would help the company build its wealth management business and bolster advisory services to emerging companies in Australia.
Bruce Higgins, chairman of Investorfirst, said his company would benefit from a larger resource base that allowed it to focus on developing and commercialising the HUB24 investment and superannuation platform.
Wilson HTM posted a consolidated net loss after tax of $7.6 million in its 2012 annual report and considered selling off part of Pinnacle Investment Management, a boutique subsidiary, in June last year. It also considered a takeover bid from Mariner Corporation Limited in October.
