Centrepoint to sell Singaporean dealer group
Centrepoint Alliance has entered into a conditional agreement to sell its Singaporean financial advice business to Aviva Asia Holdings.
Centrepoint managing director Tony Robinson said Aviva Asia would be able to help Professional Investment Advisory Services (PIAS) "achieve its growth aspirations". He added the transaction would allow Centrepoint shareholders to "remove a significant [Centrepoint] shareholding from the market and receive reasonable consideration for the business".
"While PIAS is one of the most successful investor adviser services businesses in Singapore, it is difficult for us to contribute to its management and meet its investment needs going forward," Robinson said.
PIAS is a financial planning business in Singapore under a branch network structure with over 300 licensed financial advisers.
Centrepoint Alliance purchased 100 per cent of the Australian company Professional Investment Holdings and its financial services subsidiary, Professional Investment Services, in December 2010.
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
