Bell Financial Group to integrate businesses
Bell Financial Group (BFG) has announced plans to integrate its stockbroker and financial advisory groups, Southern Cross Equities and Bell Potter businesses, into a single brand by 1 July, 2011.
One of the group’s non-executive directors, Brian Wilson, will oversee the integration process, while the founder of Southern Cross Equities, Brent Potts, will remain on the BFG Board as a non-executive director.
The group also announced that Southern Cross executives would take up key management roles alongside Bell Potter division heads.
Executive chairman of BFG Collin Bell added the idea of combining revenues of the two businesses was compelling.
“We believe that this is a 1+1=3 situation in terms of revenue synergies. There is a clear gap in the market for an independent full service Australian stockbroking firm and we intend to fill that gap,” Bell said.
The group announced that Bell Potter and Southern Cross Equities would co-locate as part of the integration process as soon as was feasible.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
