BT may provide a home for advisers fleeing Australian Financial Services (AFS) Group as the dealer group potentially faces insolvency, ifa sister title InvestorDaily has reported.
AFS Group has been in conversations with a number of parties about offloading some of its practices, including BT Financial Group, multiple sources have told InvestorDaily.
The sources, who did not wish to be named, said AFS has been looking for an institutional owner for some time and the conversation has now progressed to looking for a new licensee for its advisers.
The suggestion follows the revelation, published in InvestorDaily on Tuesday this week, that the 200 adviser-strong AFS Group could potentially be placed into voluntary administration if shareholders in the group’s Strategy Portfolio Limited, a wrap administration product, exercised their right to put options before the exercise period expired on Thursday 28 February.
Both AFS Group and BT declined invitations to comment.
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