AMP withdraws from Ironstone acquisition
AMP has withdrawn from its bid to acquire a share of specialist residential property funds management group Ironstone.
Ironstone principal Sean Preece confirmed to Money Management this afternoon that negotiations with AMP which began in mid-February had been discontinued.
Preece said the company was now reviewing its options.
AMP is understood to have entered into the negotiations with Ironstone as part of a broader strategy to drive further into the self-managed superannuation funds advisory market allied to its recent acquisitions of both the Super IQ and Multiport businesses.
AUTHOR
Staff Writer
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.
