Managed Account Holdings, owner of the managed discretionary account specialist managedaccounts.com.au, has successfully registered with ASIC for an IPO to list on the Australian Securities Exchange.
The IPO is expected to raise between $2 million and $5 million based on an offer of up to 25 million shares at a price of $0.20 each, according to Managed Account.
The company is expected to commence trading on 15 May 2014 with a market capitalisation of approximately $29 million if the maximum subscription is reached.
managedaccounts.com.au executive chairman Don Sharp said the adoption of managed accounts in Australia was expected to grow exponentially as it had in countries like the United States.
“In a relatively short period of time, managedaccounts.com.au has become one of the largest independent managed account service providers in Australia, with 21 major clients and over $900 million in funds under administration,” he said.
Mr Sharp stated the growth of discretionary managed accounts will continue to be supported by the “burgeoning” SMSF market, with more and more investors “demanding” greater flexibility and control of their assets.
“The company has a number of distinct advantages, including integrated technology, operations and compliance; competitive pricing; and significant exposure to the burgeoning self-managed superannuation market,” he said.
Listed investment company Argo Investments Limited will remain a key shareholder in managedaccounts.com.au.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Oct 2017Parliamentary insurance group formedBy Staff Reporter
- 20 Oct 2017Treasurer introduces BEAR legislationBy Aleks Vickovich
- 20 Oct 2017Westpac to refund $65m to customersBy Annie Kane
- 20 Oct 2017Survey tips independent takeoverBy Aleks Vickovich and Jessica Yun
- 18 Oct 2017AFA suffers budget blowoutBy Killian Plastow
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- view all