Bridges’ founders go public with MDA business
The founders of Bridges Financial Services are looking to float their managed discretionary account business on the stock exchange.
Managed Accounts Holdings Limited, the owner of managedaccounts.com.au, lodged its initial public offering (IPO) application with the Australian Securities and Investments Commission (ASIC) this week, with the intention to begin trading on 15 May.
The company’s management team includes chairman Don Sharp, non-executive directors Colin Scully and Paul Collins and CEO David Heather, who will together hold onto more than 50 per cent of the issued shares.
Sharp and Scully co-founded Bridges, which is now a fully-owned subsidiary of IOOF Holdings.
Collins, meanwhile, co-founded stockbroking company IWL Limited, which was sold to the Commonwealth Bank in 2007.
managedaccounts.com.au has 21 major clients, including Affinity Wealth Services and Redgum Wealth Group, with more than $900 million in funds under administration.
The IPO is expected to raise between $2 million and $5 million, with an offer of up to 25 million shares at 20c each.
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