HUB24 announces new CEO for recently acquired company

HUB24 has announced Tim Steele as the CEO of Class, which the group acquired in February.

Mr Steele will make the move to HUB24 on 1 August 2022 from MLC where he most recently worked as group executive, retirement and investment solutions.

Previously, Mr Steele worked at NAB as general manager of the bank’s financial planning arm and managing director of ipac and Genesys Wealth Advisers.

Since leaving MLC in mid-2021, Mr Steele has consulted to large financial services companies on strategy and leveraging technology for business growth and transformation. 

“Tim brings a wealth of executive experience in leading teams and working with financial professionals to deliver customer-centric solutions,” HUB24 group CEO and managing director, Andrew Alcock, said.

“I am delighted to welcome Tim to Class to lead the business forward as we focus on delivering great customer outcomes and enhancing Class’ already market-leading SMSF documents and corporate compliance solutions.”

As part of the acquisition, eligible Class shareholders received one ordinary HUB24 share for every 11 ordinary Class shares held and a cash consideration of $0.125 per share.

HUB24 has also issued 11.4 million ordinary shares and paid $15.7 million in cash to holders of Class shares as at 9 February.

“We will now work together to leverage the combined capability of both Class and HUB24 to progress additional strategies to further lead the market and deliver enhanced growth for HUB24 shareholders,” Mr Alcock said at the time of the acquisition.

“We are looking forward to continuing to innovate and deliver products and solutions that add value and solve key challenges for financial professional and their clients.”

The appointment comes after HUB24 announced a new cross-business product development initiative for it, Class and NowInfinity last month which it says is designed to assist financial advisers providing cost-effective SMSF solutions.

A pilot will officially launch in the first quarter of 2023.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.