HUB24 appoints Formica to board

HUB24 has appointed seasoned global investment executive Andrew Formica as an independent non-executive director, effective July 1, strengthening its board as the wealth platform continues its growth trajectory.

Formica brings more than three decades of experience across capital markets and funds management, including over 15 years as chief executive of multinational investment management firms operating across Europe, North America, Asia-Pacific and Australia.

He currently serves as chair of Magellan Financial Group and is a non-executive director of Barrenjoey and Vinva Holdings. His previous leadership roles include chief executive of Janus Henderson Investors and chief executive of Henderson Global Investors.

HUB24 chair Paul Rogan said Formica's extensive leadership experience would support the company's long term strategic ambitions.

"We are pleased to welcome Andrew to the HUB24 board. Andrews extensive experience is leading and scaling complex organisations will be an asset as HUB24 continues to grow and deliver on our strategic objectives," Rogan said.

Formica will service on the board's People and Culture, Audit and Nomination committees.

The appointment comes as HUB24 continues to expand its product offering and adviser capabilities. In May, the wealth platform partnered with life insurer TAL to launch a lifetime super solution through HUB24 Super, broadening its retirement income offering alongside existing lifetime income products from Allianz and Challenger.

At the time, HUB24 chief operating officer Craig Lawrenson said expanding the platform's retirement solutions would provide advisers with greater flexibility to meet clients' retirement needs.

The appointment of Formica adds further investment management expertise to the board as HUB24 continues to grow its platform and retirement solutions business amid increasing demand from financial advisers.