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.
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