JDV takes stake in tax software
Hartley Poynton’s recently formed JDV offshoot has taken a minority stake in tax software group NetWorth to bolster its online financial services offerings.
Hartley Poynton’s recently formed JDV offshoot has taken a minority stake in tax software group NetWorth to bolster its online financial services offerings.
Under the terms of the deal announced yesterday, JDV will use the NetWorth software to pro-vide tax reporting for its online share trading, managed funds trading, margin lending, mortgage broking and bond trading services.
JDV already provides its back office service to the likes of AMP, BT Portfolio Services, Your Prosperity and Asgard. Money Management understands JDV is currently in discussions with a number of high profile financial planning dealer groups with a view to installing its range of services to the groups’ advisers.
While he would not comment on the speculation, JDV chief executive officer Tim Moore says the group is “very interested in working with financial planning groups”.
“We have not worked with financial planners in the past but are keen to start,” he says.
Prior to yesterday’s announcement, Networth Technology was owned by managing director Max Avagliano and his partner. Avagliano will continue as managing director of the group with a majority stake.
Avagliano says the software is currently used by 12 mid-sized fund managers. Hartley Poynton’s 185 full service stockbrokers will be the first clients of the new service.
Moore would not be drawn on the price or the exact percentage of NetWorth that JDV had bought, saying only that it was “between 20 and 50 per cent”.
He says NetWorth is an important addition to JDV's service capabilities.
"Our aim at JDV is to be the outsourcing partner-of-choice for organisations providing online financial services, and tax is an integral part of any financial service offering," he said.
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