AIMS' MacarthurCook stake heralds new strategic acquisition program
AIMS Financial Group (AIMS) planning to make strategic investments in other companies following its 15.8 per cent stake in struggling property funds manager MacarthurCook.
AIMS Funds Management director Mark Thorpe-Apps said at the announcement of the MacarthurCook stake yesterday that the firm is "assessing other firms" for strategic investments.
"Now is definitely the time to buy funds management businesses rather than build a business from the ground up," Thorpe-Apps said. "We will be looking for similar growth opportunities."
The transaction, through Citibank, means AIMS is now the largest shareholder in MacarthurCook, which announced an after-tax loss of $11.46 million for the six months to December 31 last year (down from $4.2 million in the previous corresponding period).
AIMS' 15.8 per cent acquisition of the business represents a 92.6 per cent discount to the $1.35 a share takeover offer made by AMP in June last year, which was rejected by MacarthurCook's chairman and directors.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
