A listed asset manager’s purchase of a mid-size dealer group has seen its funds under management and advice swell to more than $4.5 billion.
In an update to the market on Monday, Clime Investment Management noted that the completion of its purchase of Madison Financial Group on 26 June meant the group now had over $4.5 billion in funds under management and advice.
Some $3.57 billion of this had come from the acquisition of Madison, including $3.51 billion in funds under advice and $73 million in insurance premiums under advice.
Clime said around 100 authorised representatives worked under the Madison licence and the group had annual gross revenue of approximately $34 million.
“With the acquisition of Madison Financial Group, Clime is well positioned as an integrated wealth management firm offering a range of services for self-directed, retail and wholesale clients,” the group said.
Assets under management (AUM) across the Clime group excluding Madison amounted to $982 million over the June 2020 quarter.
However, the group’s broader AUM had also seen growth, rising from $874 million in the March 2020 quarter and $924 million in the June 2019 quarter.
Clime’s SMA business increased by 34 per cent to $83 million in the June quarter, up from $62 million in the June 2019 quarter.
Its managed funds and mandates division also rose by 10 per cent, from $281 million to $308 million.
The head of the Adviser Association has responded to CEO Francesco De Ferrari’...
ASIC has released further details of its decision to fine BT for advertising ali...
Over $120 billion of client money was left on the table in the first half of 202...