The news: Investment platform Hub24 has announced a “strategic alliance” with Sydney private equity firm Reach Alternative Investments, as well as taking a minority equity holding in the company.
The numbers: Hub24 shares were up 1% to $57.72 by 11:45am, having added more than 60% since January.
The context: Hub24 said that alongside the strategic investment, it will collaborate with the team at Reach Alternatives to “co-design innovative products and solutions to offer a broader range of alternative investment solutions for advisers and their clients”.
The ASX-listed company said that Reach Alternatives has built “strong relationships with global alternative asset managers and facilitates access for Australian investors to high-quality private equity and private credit investments, including global top-tier funds not generally available in Australia”.
What they said: “We’re delighted to be partnering with the team at Reach Alternatives who facilitate access to high-quality private market investments in Australia,” HUB24’s director of strategic development Jason Entwistle said.
“Accessing institutional grade alternative investments has traditionally been difficult for advisors and their clients.
“Our investment demonstrates our ongoing commitment to delivering innovative products and solutions that enable advisers to empower better financial futures for more Australians.”
Reach Alternatives CEO Sam Phillips said: “This strategic investment validates our business and enhances our ability to scale and bring high-quality private market investments to a broader audience”.
“Together, we are focused on delivering solutions that remove the barriers to private markets while offering [high net worth] investors access to some of the most proven asset managers globally,” Phillips said.
The source: Hub24 media release