POWERED BY MOMENTUM MEDIA
Rubik enters scaled advice with Provisio acquisition
Financial software provider Rubik Financial Limited has signed a provisional agreement to acquire Provisio Software, a provider of scaled and online advice technology to a number of large industry funds.
Provisio's super fund clients include AustralianSuper, HESTA and LUCRF Super.
The deal will expand Rubik's product suite in the scaled advice market and complement its existing position in the institutional market for wealth advice software, the company said.
Rubik had been evaluating leading scaled advice software providers, as it believed scaled advice was a growing area due to Future of Financial Advice (FOFA) reforms, according to Rubik chairman Craig Coleman.
"In acquiring Provisio, we will expand our overall advice offering, allowing us to leverage our strengths in COIN's financial planning software offerings, as well as to take a leadership position in this growing scaled advice market," he said.
Current Provisio chief executive Cameron O'Sullivan and chief technology officer Jye Tucker will join Rubik Wealth's management team.
Rubik has also entered into a placement agreement with the Wyllie Group, an existing shareholder of Rubik, which will provide enhanced flexibility for further acquisitions, Rubik said.
The group will reorganise in order to implement the promotion of Wayne Wilson, managing director of Wealth, to report directly to the board.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
