HUB24 launches portfolio management tool

HUB24 will roll out a new tool that will give portfolio managers the ability to respond quickly to changing market conditions.

Progressive Portfolio Implementation (PPI) gives portfolio managers the flexibility to allocate new client money at different target weightings. PPI is currently live with wealth management firm Akambo Financial Group.

HUB24 director of strategic development Jason Entwistle said the tool is a "unique solution that had the potential to improve portfolio performance for clients, especially in the first few years they are invested."

"Managers receiving new inflows from investors normally have to buy all the holdings to match the existing weightings of their portfolios and are then forced to sell some of those recently purchased assets shortly after to adjust to the new weightings. With PPI, however, managers can manage those inflows more efficiently in anticipation of highly probable changes," Entwistle said.

Entwistle added PPI may help enhance performance as portfolio managers don't have to purchase securities at peak valuation for new funds and can also deliver tax efficiencies for investors by not having to sell securities before their time.

HUB24 recently added two distribution roles to its team, appointing Shane Muscat and Paula Day, both joined from Colonial First State.

Muscat, formerly CFS head of institutional sales, is the new head of strategic sales. He will lead business initiatives involving licensees, boutiques and new corporate partners.

Day joined the platform provider to take on the role of head of key accounts. In her most recent role at CFS she served as head of strategic accounts. She has also previously worked for Westpac, BNP Paribas Asset Management and BlackRock. She'll be responsible for managing and building strategic relationships with HUB24's large licensee clients.

HUB24's share price has more than doubled from about $6 a year ago to the prevailing $13.90 at publication time.

Read more: PPICFSJason EntwistleShane MuscatAkambo Financial GroupBlackRockBNP Paribas Asset ManagementColonial First StatePaula DayProgressive Portfolio ImplementationWestpac
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