HUB24 to close Xplore Wealth MDA services
Platform provider HUB24 has confirmed that it is closing the Xplore Wealth Managed Discretionary Account (MDA) services and intends to do so by 31 March.
HUB24 has used an update to the Australian Securities Exchange (ASX) to confirm the closure of the MDA service and said it had followed a review.
The company said it was currently engaging with financial advisers to explore alternative options including moving to the HUB24 platform.
It told the ASX that there is approximately $2 billion of funds under advice within Xplore Wealth MDA and the nature of the closure means there is potential for outflows.
However, it said the contribution of Xplore Wealth MDA to underlying EBITDA is immaterial.
HUB24 announced its acquisition of Xplore Wealth, previously known as Managed Accounts Holdings, in 2020.
Hope this includes industry funds they are just product providers and some of the biggest. ASICs own reports 639 and…
Hope this includes industry funds they are just product providers and some of the biggest. ASICs own reports 639 and…
Good idea, if its low cost and does same thing as other platforms without added headaches or product driven fluff…
Someone has to fund the Big Bloated Bureaucracy.
Should ban industry fund advertising and sponsorships whilst they're at it. Also a form of lead generation in my view.