![HUB24, led by chief executive Andrew Alcock, is running a ruler over Powerwrap.](/content/dam/images/g/t/e/y/h/q/image.related.afrArticleLead.620x350.gugokz.png/1487748804613.jpg)
There's never a dull moment in the investment platform and administration industry.
Street Talk understands listed companies HUB24 and Praemium are weighing final bids for Melbourne-based firm Powerwrap.
They are among three companies circling Powerwrap, which has about $5 billion on its platform. The trade sale has entered the due diligence stage ahead of binding bids being called for next month.
Powerwrap is also keeping the option of an ASX listing on the table if the offers lobbed do not meet the expectations of its more than 150 shareholders.
A HUB24 spokeswoman said the company continued to look for strategic opportunities to "grow the business," but declined to comment on interest in Powerwrap.
HUB24 was itself in the crosshairs of a takeover offer in 2015 when it rebuffed overtures from financial services group IOOF Holdings.
Praemium already owns about 8 per cent of Powerwrap giving it a small leg up against HUB24.
The company does, however, have other immediate priorities.On Wednesday, Praemium told investors it had terminated the employment of chief executive Michael Ohanessian and commenced a search for a successor.
Powerwrap has also endured a tumultuous period including an overhaul of its board and the departure of boss Cormac Heffernan, all in the past six months.
The ructions are said to be among reasons clients including Koda Capital are re-thinking their options.
Koda - which has $3.5 billion of funds under advice on several platforms - is understood to have started opening accounts with other providers for the between $1 billion and $2 billion sitting with Powerwrap.
Sources suggested Powerwrap would retain some Koda funds. Other Powerwrap clients include Escala Partners, Bennelong and KordaMentha.
In December, Powerwrap tapped existing investors for almost $5 million to ensure it maintained regulatory capital and cash flow.