The board of Investorfirst will meet next month to finalise the details of its superannuation and pension product.
The listed financial services group will release its superannuation product after discussions with external superannuation administrators failed to result in a successful deal.
“We looked at quite a few but prices were unrealistic in our mind,” Investorfirst executive chairman Otto Buttula told InvestorDaily.
“It’s still a very fragmented industry and we spent a lot of money, which attributed to a big one-off cost in the last half, and probably there will still be a little bit more in this quarter from superannuation.
“So rather than buy something which we looked at, a lot of them had little skeletons, and the last thing we want to do is take on a skeleton.”
In April last year, Investorfirst’s former chief executive, Darren Pettiona, said the firm was in discussions with super administrators over potential acquisition opportunities. Twelve months later, the area of super remains a priority for the group, according to Buttula.
“Super is the next big thing and then online trading,” he said.
“We are looking at a few other things where we might acquire things but they are probably small and they bolt on and they’re not outside our current sphere.”
As well as rolling out its superannuation product, Investorfirst continues the software development for the wholesale stockbroking side of the business.
“It will be launched, live probably in the end of May for Hub24 customers,” he said.
“Then probably the second half of the year as a white label, similar to that of IWL, a wholesale stockbroker offering that could be used by larger financial services organisations.”
Buttula said the firm will also concentrate on completing its strategic business review, and staffing reshuffle that resulted in Pettiona stepping down as chief.
Earlier this month, Pettiona announced he would relinquish his position to focus on the company’s investment platform, HUB24.
Buttula said Pettiona’s move back to look after HUB24 was not an unexpected move.
“For Darren, his passion is naturally Hub24, so why have him waylaid [with company] matters, on stockbroking. you’re weakening your strengths,” Buttula said.
Pettiona joined Investorfirst following the company’s purchase of HUB24 in October 2010 for $20 million.
As part of the deal, Pettiona, HUB24’s former managing director, took over the Investorfirst reins from Buttula.
Pettiona will now be replaced in the top role by Investorfirst chief operating officer David Spessot.
Spessot will be formally appointed as company chief and managing director in October this year.
