HUB24 inks MDA, tech deal

HUB24 will deliver both a managed portfolio solution and a new administration solution to a boutique financial advice group.

The $7.4 billion platform provider was selected by Fitzpatricks Private Wealth to develop a tailored managed portfolio solution for Fitzpatricks' current MDA offering.

Fitzpatricks group managing director John McMurdo said HUB24 built a tailored solution that offers advisers access to both the Fitzpatricks range of managed portfolios and a broad range of other investment options.

HUB24's advanced managed portfolio functionality allowed Fitzpatricks to replicate its existing MDA offer to provide a sophisticated solution for advisers and their clients, McMurdo added.

The replica includes HUB24's recently launched Progressive Portfolio Implementation (PPI) tool, allowing portfolio managers to allocate new inflows differently based on the probability of portfolio changes to assist in enhancing performance and delivering tax efficiencies.

It is anticipated that Fitzpatricks' existing MDA - currently with about $700 million in funds under management will transition to HUB24 by late 2018.

In addition, the platform's new 'ConnectHUB' functionality will also be available to Fitzpatricks advisers, providing historical client portfolio performance reports sourced from other product providers.

HUB24 managing director Andrew Alcock said he is delighted to be working with Fitzpatricks to deliver a tailored solution across multiple product structures including MDA, IDPS and superannuation.

He acknowledged Fitzpatricks as an early pioneer in the managed accounts space.

"Licensees and advisers are increasingly searching the market looking for advanced platform capabilities and flexible technology solutions. Our market-leading technology and ability to deliver a customised solution efficiently and cost effectively sees us ideally placed to meet their requirements," Alcock said.

Read more: financial adviceAndrew AlcockFitzpatricks Private WealthJohn McMurdoMDAsProgressive Portfolio Implementation
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