Ray Miles
Leading-edge wealth management platform provider HUB24 (ASX: HUB) yesterday announced the successful completion of the partial successor fund transfer of the e-Clipse Super Fund to the HUB24 Super Fund, on behalf of the Fortnum Financial Group (Fortnum).
The transition included the transfer of $190m in assets on behalf of over 900 member accounts, being the majority of members in the fund. The remaining members are UK pension benefit holders, planned to be transitioned to HUB24 in due course.
The superannuation transfer followed the successful transition since March, of the e-Clipse Managed Discretionary Account (MDA) service, for which HUB24 was appointed administrator and custodian.
Fortnum is an independently-owned licensee with around 110 advisers across 56 practices in Australia, and has approximately $4.5 billion in funds under advice.
Late last year, HUB24 was appointed to develop a comprehensive investment platform solution customised to meet the needs of both Fortnum advisers and investors.
The white label e-Clipse Invest and e-Clipse Super services provide a full range of managed and direct investments. In addition, a suite of customised managed portfolios offered by Innova Asset Management has been created. This includes unique managed risk portfolios for risk-averse investors, using tools developed by Innova in conjunction with the Milliman Group, one of the world’s largest actuarial and financial risk management firms.
To provide clients with an integrated view of all their assets, the solution encompasses a non-custody reporting service as well.
HUB24 Managing Director Andrew Alcock said: “We’re really pleased we’ve been able to launch the Fortnum products and complete such a significant and complex transition in a relatively short time. It’s a testament to how well our two organisations are working together to provide a holistic solution, combining the very best technology with Fortnum’s innovative portfolios.
“There’s a growing appetite from independently-minded groups like Fortnum who value HUB24’s superior reporting and transaction solutions with best practice managed portfolio/SMA implementation. Our team is focussed on helping licensees and advisers adopt a comprehensive ‘best interests’ platform solution with market leading portfolio management functionality at its core.”
Ray Miles, Executive Chairman of Fortnum Financial Group, said: “We selected HUB24 after an extensive review of the market because it stood out as a professional organisation that could deliver the functionality, flexibility and service we needed.
“The transition process has been managed extremely well and we look forward to partnering with HUB24 in the future,” he said.