More than $190 million of superannuation assets will be transferred to Hub24 as part of an agreement with independently-owned licensee Fortnum Financial Group.
In a deal first revealed in October last year, Hub24 announced to the ASX the successful completion of the partial successor fund transfer of the e-Clipse Super Fund to the Hub24 Super Fund, on behalf of Fortnum.
"The transition included the transfer of $190 million 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 statement said.
The superannuation transfer follows the successful transition, since March, of the e-Clipse Managed Discretionary Account service, for which Hub24 was appointed administrator and custodian.
Late last year, Hub24 was appointed to develop a comprehensive investment platform solution for Fortnum.
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 focused on helping licensees and advisers adopt a comprehensive 'best interests' platform solution with market-leading portfolio management functionality at its core," he said.
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 also encompasses a non-custody reporting service.
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.
Fortnum has around 110 advisers across 56 practices in Australia, and approximately $4.5 billion in funds under advice.
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