Count Financial ups stake in Mortgage Choice
Dealer group Count Financial yesterday increased its minority stake in Mortgage Choice, buying 1.5 million shares in the franchise group.
The latest purchase increases Count's stake from 15.27 per cent to 16.48 per cent (equal to 19,597,464 shares) and will keep the rumour mill turning about a fresh takeover bid for the franchise group.
It follows a meeting between Mortgage Choice chief executive Michael Russell and Count Financial chairman Barry Lambert on May 15.
Both said the meeting was set up purely to get to know each other.
Since taking over as Mortgage Choice boss, Russell has made it clear he is looking for strategic alliances and possible acquisitions.
Count Financial, primarily a financial planning business, owns wholesale aggregator Finconnect.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.