Cbus and CONNECT to merge
Cbus and CONNECT will officially merge on October 1 after the two boards signed a heads of agreement providing in-principle support to the move earlier this year.
With the due diligence process now complete, the two funds will transition to a single entity over the next three months.
The announcement has been welcomed by the chair of each fund, with CONNECT chair Mac Russell congratulating chief executives Sean Leonard and David Atkin on overseeing a smooth process.
“Both boards are satisfied that this will deliver real member benefits over the long term,” Russell said.
The funds had undergone a detailed and rigorous process with respect to the financials, governance and member benefits, Russell said.
“I admit it has been complex, but the open and collaborative approach taken by both funds was the key to successfully navigating a path forward.”
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
