Merger provides common platform
Three market data and trading companies are to merge to provide an all-in-one financial services platform for investors.
MDSnews is buying Bourse Data and The Cube Financial Group, although no figures have been released and the moves will still be subject to shareholder and regulatory approval.
MDSnews managing director Leon Hinde says the merger of the three companies is a logical fit as each entity’s services are complementary to each other.
“By joining together we can realise some rationalisation benefits and can each offer a better range of services to benefit our Australian and international customers,” he said.
“We believe there is a good basis for combining our strengths and hope to finalise the arrangement over the coming weeks.”
The merged group will offer a range of financial services including investment software, trading tools, execution services, investor education, portfolio management and advice.
The new company will be expected to have revenues of more than $11 million and be profitable from day one.
It is proposed that the new board will consist of three representatives from MDSnews and one representative each from Bourse Data and Cube Financial.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
