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
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all