Business as usual at Ord Minnett
The planned takeover of Ord Minnett by US-based Chase Manhattan will have little effect on the company’s financial planning business, according to Ord Minnett Adelaide Director Neil Her-riott.
The planned takeover of Ord Minnett by US-based Chase Manhattan will have little effect on the company’s financial planning business, according to Ord Minnett Adelaide Director Neil Her-riott.
Herriott says it will be “business as usual” for the company’s 200 advisers and stockbrokers if the takeover by Chase is successful.
“In South Australia we have a joint venture with the company in Sydney and there are five part-ners who own the Sydney part of the business. Its all status quo,” he says.
“Apart from changing our name, of which we have not been notified as of yet, there has been no problem. As all as long as you’ve got a good parent company like we have there should be no problems at all. It is a continued positive step.”
Under the proposed takeover deal, Chase has offered about $126 million for a 54 per cent stake in Ord Minnet which is owned by the group’s executives. The figure includes $32 million in golden handcuff agreements for key executives. Chase already owns 46 per cent of the group following its recent purchase of Jardine Fleming’s worldwide operations.
Chase Manhattan Australia Bank spokesperson Jenny Moore refused to comment on the deal.
“I would appreciate it if you did not call us back,” she said.
The transaction is expected to be complete by early August, subject to conditions including a 90 per cent minimum shareholder acceptance.
Recommended for you
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”.
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
