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HUB - HUB24 Limited

So_Cynical

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Oh ok so Netwealth has come right back $10.11 - $7.39, HUB getting hit as well $15.55 - $11.06, these 2 were over performing the rest of the sector, OVH and PPS, SMSF's are undergoing a large shift into industry funds - apparently, fund management and funds platforms are getting hammered...could be a real change or could be a contrarian opportunity, perhaps a bit of both.
 
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Oh ok so Netwealth has come right back $10.11 - $7.39, HUB getting hit as well $15.55 - $11.06, these 2 were over performing the rest of the sector, OVH and PPS, SMSF's are undergoing a large shift into industry funds - apparently, fund management and funds platforms are getting hammered...could be a real change or could be a contrarian opportunity, perhaps a bit of both.
Hmm. You always find silver lining on a thunder :)
 

Dona Ferentes

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having worked in this sector (but with a far more collegiate client facing outfit) it bemuses me to see the aspirations of some and consolidation in the $820 billion investment platform market.

Hub24 lobbed a $60 million takeover bid for ASX-listed rival Xplore Wealth, previously known as Managed Accounts Holdings, on Wednesday. The acquisition of the $15 billion wealth and superannuation platform would consist of a mix of cash and Hub24 scrip, with Xplore valued at $0.20 per share, indicating a 203 per cent premium on Tuesday's closing price. Xplore was a pioneer of the managed accounts business model — bespoke investment portfolios run by wealth managers as opposed to off-the-shelf managed funds — where Hub24 also operates.

As well, Hub24 will acquire stockbroking firm Ord Minnet's portfolio administration and reporting service for $10.5 milliion, which was previously owned by IOOF before being sold off in mid-2019.

And it will acquire new shares in listed financial planning and accounting group Easton Investments, while also divesting its Paragem subsidiary and transferring ownership to Easton. The transaction would result in Hub24 becoming a 40 per cent shareholder in Easton, which owns prominent wealth and accounting firms Hayes Knight, GPS Wealth and Tax Banter.

The combined trio of deals will cost Hub24 about $93 million, partially funded by a fully underwritten placement of $50 million to institutional investors and a $10 million share purchase plan for retail shareholders. It has also secured a $12.5 million debt facility from ANZ and issued $30 million worth of Hub24 shares to Xplore investors.

Hub24 managing director Andrew Alcock said he anticipates the three transactions will add about 13 per cent to earnings per share.
"The successful completion of these transactions which include the acquisition of Xplore Wealth and Ord Minnett’s PARS, will result in a 47 per cent increase in custodial FUA, around 400 new adviser relationships and the expansion of non-custody administration FUA to $14 billion," he said.
 
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Strong quarterly figures released yesterday. Acquisitions seem to be going well.

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Market liking it.

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Dona Ferentes

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again, strong numbers

March Quarter FY21 Highlights .
Record HUB24 platform quarterly net inflows of $1.9 billion (an increase of 41% on pcp) and $0.2 billion higher than last quarter
• Total Funds Under Administration is now $51.4 billion, including Xplore Wealth Limited which contributed $17.2 billion as at 31 March 2021, with Platform FUA of $35.6 billion as at 31 March 2021 (up 136% on pcp) and Portfolio, Administration and Reporting Services FUA of $15.8 billion


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