Criterion does not understand the subtleties. Hub platform offers both wrap and SMA managed accounts. IT is IDPS, and the clients own the underlying assets in the managed accounts, just not if they choose managed funds. Praemium is more administrative for the user, throws a lot on to the adviser, but is otherwise cheap but very time consuming. Hub is a more geometric model. Praemium was almost a first mover but has struggled to make money despite attracting billions. A lot of the accountants who use it would not shift to a more expensive Hub model because they prefer to waste far more time and money on keeping their otherwise superfluous admin staff busy.
Hub is a far superior platform for IOOF to buy as they can simply migrate their existing business to it plus they get $2bn and growing. Definitely worth a takeover premium.
HUB announcement, page-3
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