Non-aligned licensee Spring Financial Group has appointed an external consultant to help escalate its merger and acquisition activity.
The financial services group has hired Sydney-based corporate advisory company KTM Capital to assist in its M&A strategy, following recent acquisitions of boutiques Pink Diamond Financial Group and Moneytree. Spring FG chairman Guy Hedley - a former Macquarie exec who recently joined the group - said seeking out external consulting services is a sign the licensee is serious about its expansion plans.“We have appointed KTM Capital to assist us with this growth and in our pursuit of further acquisitions in the financial advice, asset management, insurance, accounting and tax and estate planning sectors,” Mr Hedley said in a statement.
“KTM Capital has a strong record of success in advising companies through critical growthphases like we are in and in helping them access both private and public capital to fund expansion.”
KTM Capital principal Tod McGrouther said he believes Spring FG has the potential to “emerge as a significant player” in financial services.
However, Spring FG managing director Keith Cullen was keen to point out the licensee is also undertaking a healthy organic growth strategy.
“In addition to these two key acquisitions, the Company is enjoying strong organic growth in clientnumbers, revenue and profitability through its Sydney, Brisbane, Melbourne and Canberra offices,” he said.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
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