Managed Accounts Holdings will acquire rival administrator Linear Financial in a move it says will help it service the IFA market.
Yesterday, ifa reported that Managed Accounts Holdings has entered a trading halt on the ASX ahead of an imminent “material transaction”.
The listed managed accounts provider has now announced that it will acquire 100 per cent of the shares in Linear Financial Holdings, a platform provider and administrator with $9 billion FUA.
The merger will allow Managed Accounts to offer new services and products to the IFA market among other key segments, the statement explained, as well as open the door to a new deal with Shaw and Partners.
“Linear has been a leading provider of platform solutions in the Australian market for some time now,” said Managed Accounts chairman Don Sharp. “We believe bringing together these two businesses will provide existing and future clients with an enhanced platform and administration services.”
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