Managed Accounts Holdings has established a wholly-owned subsidiary, Planner Holdings Limited (PHL), to assist its clients through the processes of merging with or acquiring new businesses.
In a statement issued by the financial services company, Managed Accounts said the new business will be funded with up to $5 million to provide expansion capital to advice firms.
Managed Accounts added that PHL will initially hold up to 25 per cent interest in new acquisitions.
“PHL has been established by [Managed Accounts] on the expectation that the PHL board will seek to list it separately on the Australian Securities Exchange within two years of its initial investment in an advisory firm, with [Managed Accounts] planning to retain a 25 per cent interest in PHL,” the statement said.
“PHL will not seek to control or influence the board and management of the advisory firms which it partners with but will fully support the independence of underlying firms,” it said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 08:51ANZ to suspend asset finance lendingBy Staff Reporter
- 08:46CommInsure partners with industry fund on claimsBy Staff Reporter
- 08:43ASIC disqualifies jailed SMSF auditorBy Staff Reporter
- 04:08Australian advisers unprepared for exitBy Killian Plastow
- 16 Mar 2018CBA CEO pushed for FOFA extensionBy James Mitchell and Aleks Vickovich
- 16 Mar 2018CPA dealer group clashes with FASEA requirementsBy Katarina Taurian
- view all