According to a statement to the ASX, Easton Investments will acquire 100 per cent of GPS IP Group Holdings, parent company of GPS Wealth.
Under the terms of the acquisition, GPS Wealth managing director Grahame Evans will join the board as an executive director and lead the company’s wealth management operations.
GPS currently has 123 authorised representatives and 182 limited licence holders (accountants), with annual risk premiums of $36 million across 82 practices across the country.
The combined entity will have funds under advice in excess of $3.4 billion.
“GPS and Merit Wealth in particular are both well placed to continue to grow organically in the wealth management sector,” the statement said.
“At the same time, both businesses offer strong cross-sell referral opportunities to other Easton businesses, as well as the potential to leverage other service lines in the financial services sector.”
The acquisition is expected to take effect in August if approved by shareholders.
GPS Wealth was named Dealer Group of the Year at the ifa Excellence Awards 2015.
What a broken model the dealer group structure is.
OMG did they really do their due diligence on what could be allegedly a dealer group of last resort waiting for Mr Kell and his associates to come to tea
Mm
Big call. Where are you licensed? Let’s throw some stones your way
Gravy Train Evans finally getting paid for his piece of PIS
That’s the way, build up your business by taking any adviser you can get and letting them do whatever they want, tell them what they want to hear, then sell out from underneath them. Great strategy, unless you’re an adviser
no one cares for the adviser. the good for nothings, only use of advisers is for regulators and product makers to heap blame on