Westpac outsources to HP JDV
Westpac’sonline broking arm has outsourced to technology provider HPJDVin a deal which will see Westpac’s 90,000 online broking customers using HP JDV’s software to trade shares on the Internet.
This will make HP JDV the second largest provider of online share trading services in Australia, and is expected to haul in $45 million in revenue over the four year term of the contract.
HP JDV chief executive Tim Moore says that HP JDV already provides software toAMP, BankWest,BT Portfolio Services,Suncorp Metway, Charles Schwab Australia andMacquarie Financial Services Group.
“This is the most significant deal in JDV’s short history and sends a strong message that our strategy for developing JDV is correct,” Moore says.
The deal follows a capital injection of more than $30 million in July by Westpac, which ended up with a quarter slice of the HP JDV business. Last financial year, HP JDV made an operating loss of $17 million.
Recommended for you
Insignia Financial is targeting its salaried financial advisers increase their revenue per adviser by 62.5 per cent over the next five years.
AWAG and Teaminvest Private Group have teamed up to offer a succession lending fund to help advice principals navigate succession planning and enjoy their retirement.
LGT Crestone chief executive Michael Chisholm believes the firm was chosen to acquire Commonwealth Bank’s personal advice arm due to its strong private market capability.
Advisers will now be able to tap into global markets on the platform through international signature managed accounts from global managers like T. Rowe Price and Lazard.
