FinClear signs long-term clearing agreement with Ord Minnett

FinClear, the Australian financial services and technology company, today announced that it has agreed a new five-year contract to provide third-party clearing services to Australian wealth management group Ord Minnett.

FinClear CEO David Ferrall said the deal, which encompasses both the current Ord Minnett business and the recently merged EL&C Baillieu, was a testament to FinClear’s client-friendly business model and a great endorsement for the group following the recent merger with Pershing Australia.

“When we bought the Pershing business we understood Ord Minnett were well advanced with plans to move to self-clearing,” he said. “I’m so delighted that after extensive discussions and due diligence with us, they have instead decided to stay. Ords is a mainstay of the Australian wealth management landscape and we look forward to serving them.”

Ord Minnett CEO, Karl Morris AO, said FinClear’s ability to work flexibly with the firm had been key to the decision.

“The FinClear team has been very approachable, and I was impressed with their determination to go the extra mile and deliver what was required to retain our business,” he said. “We believe FinClear will be an excellent fit for us going forward.”

The deal will see both firms working closely to integrate FinClear into Ord Minnett’s workflows, including bringing EL&C Baillieu specialist staff across to the FinClear team.

“We’re very excited to have the opportunity to access some of this country’s top operational talent as part of this partnership,” Ferrall said.

Established in 2015, FinClear offers a range of financial services technology solutions to clients from boutique financial advice practices to Australia’s largest banks. The company counts among its investors Magellan Financial Group and leading VC firm King River Capital, and acquired Pershing Australia in June 2021.

FinClear grows clearing business with Velocity Trade

The Australian financial technology company, FinClear, today announced that it will provide third-party clearing services to global broker-dealer Velocity Trade.

FinClear CEO David Ferrall said the deal, FinClear’s first new third party clearing client post its recent acquisition of Pershing Australia, would present a number of synergies to both firms.

“Velocity is a global firm with great businesses and relationships in markets around the world,” he said. “We’re delighted to welcome them aboard, and I’m sure that our two businesses will find plenty of mutual value as our relationship develops.”

Velocity Trade Managing Director and Head of APAC, Spencer Davey, said FinClear’s reputation and breadth of services were a good fit for the business, which previously used UBS for its third-party clearing.

“FinClear has a well-established reputation in this market, and has also been very approachable and flexible in working with us to achieve our needs,” he said. “We are really looking forward to working with the team.”

Established in 2015, FinClear offers a range of financial services technology solutions to clients from boutique financial advice practices to Australia’s largest banks. The company counts among its investors Magellan Financial Group and leading VC firm King River Capital, and acquired Pershing Australia in June 2021.