HUB24 announces strategic investment in Reach Alternative Investments
Summary
The news: Investment platform Hub24 has announced a "strategic alliance" with Sydney private equity firm Reach Alternative Investments, as well as taking a minority equity holding in the company.The numbers: Hub24 shares were up 1% to $57.72 by 11:45am, having added more than 60% since January.The context: Hub24 said that alongside the strategic investment, it will collaborate with the team at Reach Alternatives to "co-design innovative products and solutions to offer a broader range of alternative investment solutions for advisers and their clients".The ASX-listed company said that Reach Alternatives has built "strong relationships with global alternative asset managers and facilitates access for Australian investors to high-quality private equity and private credit investments, including global top-tier funds not generally available in Australia".