Newly-formed private equity outfit Trustee Partners has acquired non-bank dealer group Madison Financial Group from PHAROS.
Trustee Partners, an investment firm founded in 2016 and led by former Timbercorp and IOOF executive Andrew Peterson, will acquire Madison from its current owner PHAROS Financial Group.
“Madison Financial Group’s desire to lead and deliver solutions that enable Advisers to spend more time delivering advice to their clients is invaluable to our growth plans in the financial services market,” Mr Peterson said in a statement.
PHAROS co-founders Mark Perry and Tony Hartley said they were initially reluctant to sell and had rejected earlier offers but that Trustee Partners could demonstrate a “shared vision for the future of advice”.
Trustee Partners has ties to global private equity investor Sargon Capital which also owns Tidswell Financial Services, the Adelaide-based financial advice firm recently fined by ASIC for its role in providing trustee services to Spaceship.
Madison recruited former BT executive Annick Donat in March 2017.
Stimulate new ideas. Stimulate new thinking. Top up your CPD points and hear from industry experts with ifa’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD hours. Explore the Knowledge Centre now.
The government has introduced legislation around the adviser disciplinary body into parliament. ...
Marc Bineham, former AFA national president, has launched new book, The Money Sandwich, aimed at helping over-50s better manage their money and retire...
Mayfair founder James Mawhinney has said a new venture he’s offering to investors is within the bounds of the law despite being hit with a 20-year ...