Financial services company HUB24 has been appointed by ClearView as its strategic wrap platform provider.

The strategic tie-up will see to the transfer of more than $1 billion in funds under administration (FUA) from current ClearView WealthSolutions wrap platform to HUB24 and enable the two ASX-listed firms to collaborate on future initiatives including investment and insurance product development. 

A head of agreement has been executed between the two covering a number of deliverables which will be implemented in stages by Dec. 31. The first phase involves the development and launch of a ClearView white-label version of HUB24 Invest and HUB24 Super, to be rolled out in April 2020, along with the addition of ClearView’s managed portfolio and insurance products to the HUB24 Invest and HUB24 Super retail platform offer. 

“Our aim is to provide a new high quality, differentiated wrap-based offer to advisers and clients focused on adviser efficiency, and offering choice and value for money,” said Simon Swanson, ClearView’s managing director. “Additionally, we will be adding a number of our current products onto the HUB24 platform and will be working with HUB24 to jointly develop innovative new products that leverage ClearView’s unique capabilities.”

The two are working to finalise formal agreements, subject to obtaining applicable superannuation trustee and responsible entity approvals, as well as ensuring regulatory requirements are met.