HUB24 flags disruptions around platform upgrade
Platform company HUB24 has forewarned financial advisers of likely delays to managed fund trades and in specie transfers over two days later this month due to a platform upgrade.
The company said the upgrade involves HUB24’s sub-custodian Clearstream Australia Limited which provides services including fund safekeeping, corporate action management and transaction settlement.
It said the upgrade would take place between Wednesday 18 March and Friday 20 March with Clearstream’s underlying platform being upgraded “to enable us to deliver a more scalable solution and support a wider range of investment options over time”.
It provided a list of functions and dates during which they would be disrupted as well as a select list of funds which it said might experience further delays in the execution and settlement of redemptions.
It said Clearstream would work directly with fund managers on the select list to minimise impacts.
HUB24 said advisers would still be able to place trade son managed funds during the upgrade but recommended that they consider the delays when planning transactions for clients and discussing their liquidity needs.
As well, it suggested they initiated managed fund redemptions, purchases and in specie transfers prior to the impacted dates.
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