Matrix embraces new platform

Independently owned dealer group Matrix Planning Solutions has added new generation platform Hub 24 to its existing badged platform offerings, administered by Wespac’s BT Wrap and ANZ’s Oasis.

Matrix managing director Rick Di Cristoforo told Money Management the Hub 24 platform would supplement the dealer group’s existing offerings, with the Hub 24 offering representing “the next phase in platform development”.

He said one of the key reasons for Matrix’s partnership with Darren Pettiona’s platform was the “tight relationship” the platform provider had with its underlying portfolio managers. Di Cristoforo said the daily reporting agreements between Hub 24 and its underlying managers “resolves the management issues [evident] with other providers”. Di Cristoforo said he would like to see more fund managers and platforms providing that level of reporting transparency.

Matrix currently has a portfolio manager shortlist including Hyperion Asset Management and Bennelong Funds Management, as well as some low cost index-based portfolios. Di Cristoforo said the group was currently reviewing other portfolio managers on Hub24’s list, with a view to choosing at least 10 underlying managers.

He said the platform offered Australian share exposure in a transparent, competitive, and economical way, with the new platform providing investment management services at around 60 per cent of the cost of the traditional platforms.

Another benefit to advisers was the “seamless transacting” of equities, managed investments and other assets, all coordinated in one system”. It’s a service many of the traditional platform providers are working towards achieving, but many of them are not “completely there”, Di Cristoforo said.

“I believe the other platforms will bridge the gap, but we want to be ahead of the game.”

Matrix has around 90 advisers. The group was one of a number of dealer groups to add exchange-traded funds to its APL last year.