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
- 19 Feb 2019ASIC to ‘fully implement’ Hayne recommendationsBy James Mitchell
- 19 Feb 2019CFS hamstrung advisers as they left for DoverBy Adrian Flores
- 18 Feb 2019ASIC appeals Westpac best interests court decisionBy Adrian Flores
- 18 Feb 2019FASEA mostly funded by the major banksBy Adrian Flores
- 19 Feb 2019Great advisers are going to thrive: Dow JonesBy Eliot Hastie
- 15 Feb 2019ASIC to undertake harsher penalties against banksBy Eliot Hastie
- view all