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October 30 2017

Hubwise Portfolio: the First Wealth Platform in the UK to Combine Trading, Administration, Custody and Model Unitisation

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Following on from their successful entry as a real disruptive force in the adviser platform market, Hubwise has just launched a brand new ‘white-labelled’ investment platform, Portfolio, in the UK. The groundbreaking proposition has been designed to simplify and de-risk the operating models of discretionary wealth managers and full service stockbrokers. 
 
‘Businesses don’t set out to be complex,’ said Angus Macdonald, Hubwise CEO, ‘but over time, due to a lack of choice in the marketplace, they end up creating complicated environments to service their clients. Up until now, there hasn’t been one single place where wealth managers can go for everything, so they’ve had to buy separate solutions to solve a number of different requirements.
 
‘With Portfolio, we’ve created one comprehensive platform which offers trading, administration, custody and model unitisation. Other providers can provide administration and custody, and sometimes with trading, but we are unique in combining these core services together with full responsibility for CASS compliance and the unitisation of their model portfolio range.’
 
As a single, multi-asset, multi-company investment platform, Portfolio can efficiently manage a whole private client book from bespoke portfolios to a model portfolio service. It will also provide wealth managers with the infrastructure they need to scale up either organically or through acquisition.   
 
Hubwise also recognise that many wealth firms are constrained by legacy technologies and high overheads when it comes to serving a wider client demographic, particularly lower value clients or clients wishing to control their investment decisions on a self-directed basis, but with Portfolio, the capability to deliver a white-labelled automated investment proposition is integral to the service without any impact to your business, commercially or operationally.
 
The new Hubwise platform will also enable wealth managers to have their risk-rated model portfolio range converted to a unitised fund (OEIC) structure. Clients will still have full look-through reporting to the underlying assets, as though they were holding each asset line in the model portfolio, but with the added advantage of trades within the unitised fund being exempt from CGT and not subject to VAT – an immediate 20% off the fee. The unitisation of the model portfolio range results in a simplified operating model, with no periodic model maintenance and client rebalancing to administer.
 
In terms of mitigating the risk for businesses, Hubwise holds and safeguards all client money and assets in full accordance with FCA CASS rules. It remains responsible for investment administration, nominee custody and all FCA CASS responsibilities, while the wealth management or stockbroking firm continues to own and control the relationship with their clients.
 
As a whole of market investment platform, Portfolio also offers independent access to a wide range of products including fractional ETF trading. It provides global trading access and custody across the main markets worldwide and gives a broad range of product wrappers including GIA , ISA, SIPP and Offshore Bond. 
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