good note @SimonGr
my thoughts re HUB / NWL stem from their narratives increasingly bending towards becoming data platforms spanning custody / non custody / other - and PPS having some history there with VMAAS and reconstructing tax reporting. I’m not sure NWL would have the appetite, majority owned by founders and blazing ahead as is with growth, margins and both quant & qual advisers surveys.........although they may not like HUB picking it up. (albeit there’s plenty of room in the market for both). I don’t discount an insto being interested although perhaps ANZ as a customer walking to a full service wrap (in the traditional sense) is a clue - let’s see.
ive had difficulty believing PPS segment reporting. Pre PWL, 50% Ebitda margins for Aust business while lower margin than HUB / NWL - so have tended to ignore. Hoping HUB will lead the way on non-custody reporting now they have a material interest in this segment, may force PPS’ hand.
best of luck !
good note @SimonGr my thoughts re HUB / NWL stem from their...
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