Tenet has signed a five-year deal with platform-provider Hubwise Securities Limited.
The deal includes Tenet providing two white-labelled Hubwise platforms for advisers, one which offers access to Sinfonia Asset Management funds and a restricted version which will allow access to Tenet’s restricted proposition. The former will be called the ‘Sinfonia Hub Platform.’
The Hubwise-Tenet deal will also see Intelligent Money used as the Sipp provider.
Ben Wright, managing director of Sinfonia Asset Management said Hubwise was shaking up the platform market.
‘We see Hubwise as innovators in the market, who can provide the type of tailored, agile solutions that we want to provide to our advisers over the coming years. We are very excited by the possibilities that the Hubwise technology and support services bring for our advisers,’ said Wright.
Hubwise chairman Jeff Plowman said he looked forward to working with Tenet.
‘We are delighted to have Tenet as a partner and look forward to working with them to develop a new proposition that is beneficial for their member firms and underlying clients,’ he said.
Plowman explained his ambition to help advice firms unitise model portfolios. The company has a strategic partnership with fund administration service provider IFSL, which is part of the Marlborough group.
‘[IFSL] sets up and administers the Oeic on behalf of the person who is doing the investment management of that fund.
‘One of their big pushes is to speak to larger IFAs and discretionary fund managers (DFMs) with a view to unitising their existing client portfolios,’ said Plowman.
He confirmed some of these developments would be made use of in the contract with Tenet.
Plowman also described the journey of the platform company over the last four years.
‘We adopted our first clients four years ago and they have been instrumental in the design of how the [Hubwise] software works, in turning our ideas into what the adviser wants.
‘In the last 12 months we have gone from a near standing start to now having over £500,000,000 in assets under administration working with 18 clients. That growth has been mostly through word of mouth,’ he said.
Platform service Platform One recently said it picked Hubwise to implement new UK-focused services.
Platform One said the online IFA platform software from Hubwise, will help it to introduce ‘cost-effective’ propositions with a range of tools designed to ‘alleviate many of the adviser’s daily administrative burdens.’