***EXCLUSIVE***Netwealth has confirmed the compliance services arm of Pathway Licensee Services will merge with Catalyst Compliance Pty Ltd.
ifa reported in October that Netwealth had decided to seek a buyer for Pathway’s compliance business, as it “no longer meets long-term objectives and strategy of the Netwealth group”.
A Netwealth spokesperson today revealed the identity of the purchaser for its compliance business, following several months of conjecture in the industry about the high-profile transaction.
Catalyst offers compliance and back office services to more than 70 AFS and credit licensees.
Pathway will continue to provide its clients with financial advice technology solutions for XPLAN, research and education programs for advisers and responsible managers.
Pathway head of advice Peter Boston said: "We are pleased to have selected a party that will ensure that our clients receive an ongoing professional service enabling them to continue to operate their businesses efficiently and compliantly with the least interruption."
Catalyst chief executive Steve Murray said: "Catalyst was attracted to the Pathway compliance business because of the calibre of their clients and a mutual commitment to embracing a compliance culture."
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